Accounting Homework on Budget, Funds Statement, and Government-Wide Statement

Name:Homework Due Points Possible Points Received

Exercise 5-3 4 Continuing 8
Chapter 5:Exercise 5-3 textbook pages 223-224
For each of the scenarios 1 through 5, indicate the amount (if any) of expenditures/expense that the city would recognize in (1) budget, (2) its fund statement, and (3) its government-wide statements.  Provide an explanation of your response.
1. Budget:  ___________________________ Funds Statement:  ___________________ Government-wide Statement:  _________ Explanation:   ______________________________________________________________________________________________________________________________________________________________________________________________________2. Budget:  ___________________________ Funds Statement:  ___________________ Government-wide Statement:  _________ Explanation:   ______________________________________________________________________________________________________________________________________________________________________________________________________3. Budget:  ___________________________ Funds Statement:  ___________________ Government-wide Statement:  _________ Explanation:   ______________________________________________________________________________________________________________________________________________________________________________________________________4. Budget:  ___________________________ Funds Statement:  ___________________ Government-wide Statement:  _________ Explanation:   ______________________________________________________________________________________________________________________________________________________________________________________________________5. Budget:  ___________________________ Funds Statement:  ___________________ Government-wide Statement:  _________ Explanation:   ______________________________________________________________________________________________________________________________________________________________________________________________________
Continuing Problem (Questions 1 through 9) textbook pages 226-227 – 2021 Town of Cary, NC CAFR is used for these questions found at https://www.townofcary.org/home/showpublisheddocument/27493/637751798814470000
(Enter the answer to the question in the blanks provided.)
1. Town of Cary, NC classifies its governmental expenditure by function or object in 2021 -¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬             ___  The classifications are approximately the same in both the government-wide and the fund statement – Yes or No2.   Town of Cary, NC largest expenditure for fiscal year (FY) 2021?         By how much did this increase or decrease since FY 2020?  ___________________________Since FY 2016? (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 NoIf no, what other information would you need to make such a judgment? 3. Town of Cary, NC ‘s major 2021 differences in expenditures/expenses (i.e., reconciling items) as they are reported in the governmental fund and the government-wide statements?           ____________________________________________________________________________________________________________________________________________________________4. Town of Cary’s accounts for its inventories on what basis – purchase or consumption? _______________Does the Town of Cary maintain a “fund balance-nonspendable” amount for inventories?  Yes or No5. Basis the Town of Cary accounts for insurance or other prepaid items in its governmental funds - How can you tell? ___________________________________________________________________________6. In 2021 Town of Cary has had general fund transfers to and from which fund or component  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 2021? _________