A special purpose government can be considered a primary government if it has a separately elected governing body, is legally separate from other entities , and is fiscally independent of other state and local governments.
Which of the following must be present in order for a primary government to include a legally separate organization in its financial reports?
Which of the following MUST be present in order for a primary government to include a legally separate organization in its financial reports? The related organization must be a financial benefit or burden to the primary government .
Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes?
Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes? It must have specifically defined geographic boundaries .
Which of the following is an example of special purpose district?
Single-function special districts are the most common type, examples of which include school building authorities , libraries, hospitals, health, highways, air transportation, fire protection, drainage or flood control, irrigation, sewerage, solid-waste management, water supply, cemeteries, and mosquito abatement.
Which of the following are included in a local government’s government-wide financial statements?
The government-wide financial statements include the Statement of Net Assets, the Statement of Activities, and the Statement of Cash Flows .
What are the 5 types of governmental funds?
According to the GAAFR (the Blue Book), governmental funds are “used to account for activities primarily supported by taxes, grants, and similar revenue sources.” Within the category of Governmental Funds, there are five types: General Fund, special revenue funds, debt service funds, capital projects funds, and ...
What is a special purpose government?
1. Typically authorized by state law to provide a single service and/or work in a designated functional area of public policy such as transportation districts, school districts and utility districts.
What is primary government and component units?
The definition of the reporting entity is based primarily on the notion of financial accountability. A primary government is financially accountable for the organizations that make up its legal entity . ... Some organizations are included as component units because of their fiscal dependency on the primary government.
What are the three major sections of the Comprehensive Annual Financial Report?
A) The CAFR has three main sections: introductory, financial, and statistical .
What is an example of a component unit?
Most often, governmental component units are typically entities or nonprofits whose purpose is to benefit a government by soliciting contributions and managing those funds. Examples of governmental component units include: Utility companies (water, electricity, wastewater, etc.) Foundations .
What is an example of a special purpose government?
Examples include water districts , cemetery districts, fire districts, and mosquito abatement districts.
What is an example of a special purpose government group of answer choices?
Special purpose entities might include park districts, school districts , and public colleges and universities.
Why are special districts needed?
When residents or landowners want new services or higher levels of existing services, they can form a district to pay for them. ... Special districts localize the costs and benefits of public services . Special districts allow local citizens to obtain the services they want at a price they are willing to pay.
What assets appear in government-wide financial statements?
The capital assets of a government are assets that have initial useful lives extending beyond a single reporting period, while general capital assets are the capital assets purchased by the governmental fund and are not specifically related to activities in proprietary or fiduciary funds.
What are the three broad sections of a state or local government’s CAFR?
What are the three broad sections of a state or local government’s CAFR? A. Introductory, financial, and statistical .
Which of the following is a primary objective of financial reporting by state and local governments?
Which of the following is a primary objective of financial reporting by state and local governments? To provide information that can be used for capital allocation decisions made by external investors . To report on the legal requirements imposed on the government by its elected officials.
