Financial Reporting Review of Local Government

Significance – It indicates that the report met the CAFR’s standards.

b. Key issues addressed in letter of transmittal –

Key issues addressed are the overall view of government financial commissions and it provides significant financial development.

3. a. _Cherry Bekaert CPA’s and Advisors

b. Yes or No –

If no, why not? –

c. Management Discussion and Analysis – Yes or No –

If yes, key issues are –

general fund budget highlights, capital assets, next years budget and overview of financial statements

d. Reconciliation between total governmental net position per government-wide statement of net position – and – total governmental fund balances per the governmental fund balance sheet – Yes or No –

If yes, what are the main reconciling items –

capital assets, long term assets, long term liabilities and internal service fund assets

e. Major governmental funds maintained by the Town of Cary, NC in 2019 –

proprietary funds, fiduciary funds, and component units

Town of Cary’s fund structure conforms to its organizational structure – Yes or No

f. Report contains “required supplemental information” – Yes or No

If yes, main areas addressed –

budgetary comparison schedule for general fund, the budget to GAAP reconciliation and pension plan information

If yes, nature of those statements –

h. Report contains “other supplemental information” – Yes or No

If yes, types of information provided –

4. a. Population – 170,322

b. Town of Cary’s major employer – SAS institute Inc

c. Types of information included in statistical section –

financial trends, revenue capacity, debt capacity, demographic information, and operation information

Problem 2-1 textbook page 83

a. Journal entries –

b. Balance Sheet

General Fund