Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

Government and Not for profit Accounting – Chapter 9 My Book Details are: To answer these questions, Book Link is below: https://reader.yuzu.com/#/ Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork2018...

1 answer below »
Government and Not for profit Accounting – Chapter 9
My Book Details are:
To answer these questions, Book Link is below:
https:
eader.yuzu.com/#
Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork2018
These questions should be based on Government and Not for profit Accounting that’s my subject name.
Chapter 11
Answer the following questions using your assigned CAFR:
I am assigned New Mexico state CAFR.(look at the New Mexico State Comprehensive financial report I am attaching as well to answer the below questions.)
Part 1
Q1. How does your CAFR entity define (a) primary government, (b) discretely presented component units, and (c) blended component units.  How do these definitions compare to the ones provided in the Granof text?  Provide one example, from your CAFR entity, of discretely presented component units  and blended component units.
Q2. Do the notes to the financial statements indicate the component units and other related entities that are included within the reporting entity? Do they indicate any units that are not included? Do they explain why these units are included or excluded?
Q3. How are the component units presented in the government‐wide financial statements?
Q4. How are they presented in the fund statements?
Part 2
Q1. The main elements of a government’s comprehensive annual financial report (CAFR)
Q2. The critical factors to be taken into account in assessing a government’s financial condition.



FOR THE FISCAL YEAR ENDED
JUNE 30, 2016


SUSANA MARTINEZ, GOVERNOR

DOROTHY E. RODRIGUEZ XXXXXXXXXXRONALD C. SPILMAN
CABINET SECRETARY XXXXXXXXXXSTATE CONTROLLER
NM STATE CAPITOL BUILDING XXXXXXXXXXSOURCE – DREAMSTIME.COM
https:
thumbs.dreamstime.com/z/state-capitol-new-mexico XXXXXXXXXXjpg

ii






















This page left intentionally blank


STATE OF NEW MEXICO

COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2016

TABLE OF CONTENTS


iii
INTRODUCTORY SECTION
Letter of Transmittal ........................................................................................................................... XXXXXXXXXXviii
State of New Mexico Selected State Officials .................................................................................... XXXXXXXXXXxi
State of New Mexico Organizational Chart ........................................................................................ XXXXXXXXXXxii
FINANCIAL SECTION
Independent Auditors’ Report ............................................................................................................ XXXXXXXXXX2
Management’s Discussion and Analysis ............................................................................................ XXXXXXXXXX9
Basic Financial Statements
Government-Wide Financial Statements:
Statement of Net Position ..................................................................................................... XXXXXXXXXX28
Statement of Activities ......................................................................................................... XXXXXXXXXX30
Fund Financial Statements:
Balance Sheet – Governmental Funds .................................................................................. XXXXXXXXXX34
Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position XXXXXXXXXX
Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds XXXXXXXXXX
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances –
Governmental Funds to the Statement of Activities ...................................................... XXXXXXXXXX40
Statement of Net Position – Proprietary Funds .................................................................... XXXXXXXXXX42
Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds XXXXXXXXXX44
Statement of Cash Flows – Proprietary Funds ..................................................................... XXXXXXXXXX46
Statement of Fiduciary Net Position – Fiduciary Funds ....................................................... XXXXXXXXXX50
Statement of Changes in Fiduciary Net Position – Fiduciary Funds ..........................
Answered Same Day Jul 08, 2020 UNIT 3

Solution

Shikha answered on Jul 10 2020
138 Votes
Q1. How does your CAFR entity define (a) primary government, (b) discretely presented component units, and (c) blended component units.  How do these definitions compare to the ones provided in the Granof text?  Provide one example, from your CAFR entity, of discretely presented component units and blended component units.
Answer:
As per CAFR entity primary government is a
anch of government whose powers and duties are outlined in the constitution of the State of New Mexico. These powers and duties can be amended by majority vote of citizen’s belonging to the state. It Includes legislative agencies, commissions, the Governor and Cabinet, boards of the executive
anch, departments and agencies, various offices relating to the judicial
anch, the education institutions created by the Constitution of the State of New Mexico.
Component Units are defined as legally separate organizations. In these organizations elected officials are responsible for financial accountability.
Example - New Mexico Finance Authority (NMFA)
Purpose of NMFA is –
· To create a governmental instrumentality in order to allow to coordination of the planning and financing of state
· To provide for long-term planning and also assessment of state & local capital needs.
This will lead to an improvement in cooperation not only among the executive but also the legislative
anches of state government and local governments during financing public projects.
 Blended component units are the component units that are so intertwined with the primary government that they are, in substance, resemble as the primary government. As well as they are presented as part of the primary government.
Example - University of New Mexico Retiree Welfare Benefit Trust
· It is a employees voluntary beneficiary association (VEBA) trust
· It is exempt from tax under Section 501 of the...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here