Accounting homework

This is a homework project Accounting.

CA Group Project Answer

Student Name:

Student Name:

Group Project: State of California Comprehensive Annual Report For the Fiscal Year Ended June 3

0

, 2016 (CA 2016 CAFR). Source:

https://www.sco.ca.gov/Files-ARD/CAFR/cafr16web

Question 1 Ms Betty T. Lee was the California State Controller who prepared the State of California Comprehensive Annual Report For the Fiscal Year Ended June 30, 2016. The CA 2016 CAFR reported that the State Governor was Mr. Edmund G. Brown, Jr., and the State Treasurer was Mr. John Chiang. Califronia CAFR Fiscal Year ended at June 30,2016. Question 2 Yes, page viii of the Introduction Section of the CA 2016 CAFR mentioned that “The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the State of California for its comprehensive annual financial report for the fiscal year ended June 30, 2015.” [Page vii to viii of the Introduction Section] Question 3 Primary Government Government Activities Business-type Activities Total Component Units Total Assets 205,311,505 35,074,864 240,386,369 78,591,326 Deferred Outflows of Resources 7,725,585 1,328,282 9,053,867 5,657,571 Total assets and outflows of Resources 213,037,090 36,403,146 249,440,236 84,248,897 Total Liabilities 242,672,740 30,745,793 273,418,533 60,497,596 Deferred Inflows of Resources 5,249,323 1,084,851 6,334,174 1,781,557 Total liabilities and deferred inflows of resources 247,922,063 31,830,644 279,752,707 62,279,153 [Page 30 and 31 Basic Financial Statements/Government-Wide Finacial Statements/Statement of Net Positions] Question 4

Primary Government
Government Activities Business-type Activities Total Component Units

Net investment in capital assets 104,596,917 2,520,621 107,117,538 13,358,197 Restricted

Non expendable endowments

0

8,653

8,653

5,927,327 Restricted Total expendable 29,060,971 5,750,634 34,811,605 13,108,468 Unrestricted (168,542,861) (3,707,406) (172,250,267) (10,424,248) Total net position (34,884,973) 4,572,502 (30,312,471) 21,969,744 Total liabilities and deferred inflows of resources, and net position

213,037,090 36,403,146 249,440,236 84,248,897
[Page 31 and 32 Basic Financial Statements/Government-Wide Finacial Statements/Statement of Net Positions] Question 5 The Government-Wide Financial Statements had three columns representing three types of state programs and activities : governmental activities, business-type activities, and component units. “Component units are organizations that are legally separate from the State , but are at the same time related to the State financailly or the nature of their relationship with the State is so significant that their exclusion will cause the State’s financial statements to be misleading or incomplete.” [page 7 of the Management Discussion Section] Question 6 Program Revenues

Program Revenues Program Revenues

Net (

Expenses

) Revenues Functions Programs Primary Government

Expenses

Charges for Services Operating Grants and Contribution Capital Grants and Contribution

Government Activities
Government Activities: Education 65,467,497 66,298 6,888,076

0

(58,513,123) Government Activities: Transportation 12,120,820 4,532,300 3,866,244 1,480,351 (2,241,925)

Program Revenues Program Revenues Program Revenues

Net (Expenses) Revenues Functions Programs Primary Government Expenses Charges for Services Operating Grants and Contribution Capital Grants and Contribution

Business Activities Business-type Activities Unemployment Program/Insurance 11,458,966 13,866,028

0 0

2,407,062 [Page 34 Basic Financial Statements/Government-Wide Finacial Statements/Statement of Activities] Question 7

Primary Government
Government Activities Business-type Activities Total Component Units

Net (Expenses) Revenue (130,196,803) 318,022 (129,878,781) (5,289,301) Total General Revenues and Transfers 137,705,648 2,800,101 140,505,749 3,214,287 Changes in net position 7,508,845 3,118,123 10,626,968 (2,075,014) Net Position beginning (42,393,818) 1,454,379 (40,939,439) 24,044,758 Prior Adjustment if applicable Net Position beginning (34,884,973) 4,572,502 (30,312,471) 21,969,744

[Page 34 Basic Financial Statements/Government-Wide Finacial Statements/Statement of Activities]

Question 8 General, Federal, Transportation, Environmental and Natural Resources, Nonmajor Governmental, Total [Page 38 Fund Financial Statements, Balance Sheets of Governmental Funds] Question 9 Total
Total Assets 82,275,298 Total Liabilities and deferred inflows of resources 51,351,153 Fund Balances Nonspendable 87,127 Restricted

28,930,077 Committed 5,720,580 Assigned 14,622 Unassigned (3,828,261.00) Total fund balances 30,924,145 Total Liabilities, deferred inflows of resources and fund balances

82,275,298

[Page 38 Fund Financial Statements, Balance Sheets of Governmental Funds]

Question 10 to Question 12 Please try yourself

https://www.sco.ca.gov/Files-ARD/CAFR/cafr16web

2016CAFR Group Project Questions Total 50 points

1

Please form into a group of two students. Please sign and delivery the contract to instructor

indicating which 2016 State Comprehensive Annual Report (CAFR) your group is selecting [first

come first serve basis.] Each group must work on a different CAFR, further you cannot

select 2016 California CAFR.

Group Project: State of …………. Comprehensive Annual Report For the Fiscal Year Ended

…….., 2016 (2016 CAFR). Source: https://www…

Question 1) 2 points

Who were the State Governor, State Treasurer and State Controller of your group project’s

CAFR? Your group project’s CAFR fiscal year ended at what date?

Question 2) 1 point

Did your group project’s CAFR include a certificate of achievement for excellence in financial

reporting? [Please indicate which page number of which section of the CAFR mentioning this

certificate?]

Question 3) 8 points

Please fill in the numbers accordingly from the Government-wide Financial Statements,

Statement of Net Position. [Please indicate which page number of which section of the CAFR

mentioning

these numbers?]

Primary

Government

Government

Activities

Business-type

Activities

Total Component

Units

Total Assets

Deferred

Outflows of

Resources

Total assets and

outflows of

Resources

Total Liabilities

Deferred

Inflows of

Resources

Total liabilities

and deferred

inflows of

resources

https://www./

2016 CAFR Group Project Questions Total 50 points

2

Question 4) 8 points

Please fill in the numbers accordingly from the Government-wide Financial Statements,
Statement of Net Position. [Please indicate which page number of which section of the CAFR

mentioning these numbers?]

Primary Government

Government
Activities
Business-type
Activities
Total Component
Units

Net investment in

capital assets

Restricted

Non expendable –

endowments

Restricted

Total expendable

Unrestricted

Total net position

Total liabilities
and deferred
inflows of

resources, and net

position

Question 5) 2 points

How component units in the Government-wide Financial Statements were defined in your group

project’s CAFR?

[Please indicate which page number of which section of the CAFR defining component units]

2016 CAFR Group Project Questions Total 50 points

3

Question 6) 5 points

Please fill in the numbers accordingly from the Government-wide Financial Statements,

Statement of Activities. [Please indicate which page number of which section of the CAFR

mentioning these numbers?]

Program

Revenues

Program
Revenues
Program
Revenues

Net (Expenses)

Revenues

Functions

Programs Primary

Government

Expenses Charges

for Services

Operating

Grants and

Contribution

Capital

Grants and
Contribution
Government
Activities

Government
Activities

Education

Government
Activities

Transportation

Program
Revenues
Program
Revenues
Program
Revenues
Net (Expenses)
Revenues
Functions
Programs Primary
Government
Expenses Charges
for Services
Operating
Grants and
Contribution
Capital
Grants and
Contribution

Business

Activities
Business-type

Activities

Unemployment

Program/Insurance

2016 CAFR Group Project Questions Total 50 points

4

Question 7) 7 points

Please fill in the numbers accordingly from Government-wide Financial Statements, Statement

of Activities. [Please indicate which page number of which section of the CAFR mentioning

these numbers?]
Primary Government
Functions
Programs Primary
Government
Government
Activities
Business-type
Activities
Total Component
Units
Net (Expenses)

Revenue

Total General

Revenues and

Transfers

Changes in net

position

Net Position

beginning

Prior Adjustment

if applicable

Net Position
beginning

Question 8) 2 points

Describe the columns representing different types of funds listed as part of total in your group

project’s CAFR Balance Sheet of Governmental Funds. . [Please indicate which page number of

which section of the CAFR mentioning these columns?]

2016 CAFR Group Project Questions Total 50 points

5

Question 9) 3 points

Please fill in the numbers accordingly from Fund Financial Statements, Balance Sheet of

Governmental Funds [Please indicate which page number of which section of the CAFR

mentioning these numbers?]

Total

Total Asset

Total Liabilities and deferred inflows of resources

FUND BALANCES

Non spendable

Restricted

Committed

Assigned

Unassigned

Total fund balances

Total liabilities, deferred inflows of resources and

fund balances

Question 10) 2 points

Describe the columns representing different types of funds listed as part of total in your group

project’s CAFR Statement of Net Position of Proprietary Funds. . [Please indicate which page

number of which section of the CAFR mentioning these columns?]

Question 11) 2 points

Describe the columns representing different types of funds listed as part of total in your group

project’s CAFR Statement of Fiduciary Net Position of Fiduciary Funds. . [Please indicate which

page number of which section of the CAFR mentioning these columns?]

2016 CAFR Group Project Questions Total 50 points

6

Question 12) 8 points

Please read through the Notes to Financial Statements of your group project’s CAFR and

summarize any four notes. Please do not copy and paste from the CAFR. Instead please read and

synthesize the information of each note from the CAFR [Please indicate which page number of

which section of the CAFR mentioning these notes to financial statements?]

End of Group Project’s Questions