BUS4114 U3A2

Unit 3 Assignment 2 Financial Performance Analysis and Auditing The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Below is a list of entities being considered for classification as primary governments. For each of the entities listed, indicate with a Y (yes), in the cell to the left, if the entity would be considered a primary government and with an N (no) if it would not be considered a primary government. In addition, explain, in the cell below each entity in the list, why you believe the entity should, or should not, be considered a primary government.

9-17: Primary Governments Y1.Waseca County government. This is considered Local Governent. N2.University of South Florida, a part of the State University System of Florida. This would not be considered primary government because its not legally separate. YThis one is fiscally independent, legally separate and has a elected governing body. Y4. The State of Colorado. This is considered State Governement. NThis would not be considered primary government because its not legally separate.