What effect does these items have on the net change in fund balance for 2020?
Continuing Problem (Questions 1 through 9) textbook pages 226-227 – 2020 Town of Cary, NC CAFR is used for these questions found at https://www.townofcary.org/home/showpublisheddocument?id=25355
(Enter the answer to the question in the blanks provided.)
- Town of Cary, NC classifies its governmental expenditure by function or object in 2020 –
The classifications are approximately the same in both the government-wide and the fund statement – Yes or No
2. Town of Cary, NC largest expenditure for fiscal year (FY) 2020?
By how much did this increase or decrease since FY 2019?
Since FY 2015? (see statistical section)
Can you draw any inferences from this comparison as to the efficiency and effectiveness of the city in providing this service? Yes or No
If no, what other information would you need to make such a judgment?
- Town of Cary, NC ‘s major 2020 differences in expenditures/expenses (i.e., reconciling items) as they are reported in the governmental fund and the government-wide statements?
- Town of Cary’s accounts for its inventories on what basis – purchase or consumption?
- Basis the Town of Cary accounts for insurance or other prepaid items in its governmental funds –
- In 2020 Town of Cary has had general fund transfers to and from which fund or component
Does the Town of Cary maintain a “fund balance-nonspendable” amount for inventories? Yes or No
How can you tell?
units –
7. Nature of any governmental fund balance sheet classifications related to expenditures –
8. Town of Cary’s reports depreciation as an expense in its government-wide statements – Yes
or No
If no, why not?
9. What types of other financing sources and uses does the Town of Cary report in the General
Fund?
What effect does these items have on the net change in fund balance for 2020?
