Compare the budgeted amounts with the actual amounts

Subject: Business    / Accounting

Using link provided to complete the questions.

http://www.mncppc.org/Assets/Commission/budget/CAFR/CAFR+2016.pdf

For your approved CAFR, answer the below questions by the end-of-day Friday.

Once you have posted your response to the discussion questions, you need to either comment or ask a question to a fellow classmate’s post or respond to a question posted by me (your instructor) or by a fellow classmate. You can also point out any errors that might have been made by one of your classmates in their responses. It would be particularly helpful if you can point out any errors in your classmates’ posts. This will assist them as they complete their projects. This follow-up post is due by Sunday (11:59pm).

Also please put a link to your CAFR on the thread.

Proprietary Funds

(1) How many major enterprise funds does the entity maintain (if any)?

(2) Are all the major enterprise funds operating at a profit (Operating Income)?

(3) Does the entity maintain any internal service funds (major and/or nonmajor)?

(4) Do the financial statements include a statement of cash flows for proprietary funds? If so, is the direct method or indirect method used?

Fiduciary Funds

(1) There are four types of fiduciary funds. Does this entity maintain all four types?

(2) What are the purposes of the entity’s fiduciary funds?

Other

(1) What is the financial condition of the government you selected?

For example, compare current revenues and expenses with the prior year.

Compare the budgeted amounts with the actual amounts.

Also, look for key issues addressed in the “Management’s Discussion and Analysis” section of the CAFR. What do you see that is particularly noteworth


 

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