Financial Performance Analysis: Primary Governments, Net

School: Capella University - Course: BUS 4114 - Subject: Accounting

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. End of WorksheetUnit 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. 3.The Tri-County Independent School District, a legal entity, with an elected board and financial independence. 5.Greenfield Sports Authority, a joint venture between Greenfield County and the Mighty Ducks Sports franchise.

9-20: Net Position Classification Section A. D1.Depreciation was recorded for the year. E2.A fully depreciated computer was sold for $50. C3.Bonds issued to construct the new library were retired. C4.Construction expenditures were incurred for the new fire substation. A5.Grant funds that can only be used for a summer kids' camp remain unexpended at year-end. E6.An operating lease was entered into during the year. A7.A $3 million endowment was received during the year. C8.Several new fire trucks were purchased and 70 percent financed with long-term notes. E9.The capital projects fund transferred its residual fund balance to the debt service fund during the year. B10.A grant received in the prior year for afterschool recreational activities was expended. Section B. e.None of the above. End of Worksheet