Question

1. Listed below are the required balance sheets and statements of net position for a county government:

                1.             Government-wide statement: statement of net position

                2.             Fund statement: balance sheet—governmental funds

                3.             Fund statement: statement of net position—proprietary funds

                4.             Fund statement: statement of fiduciary net position

On which financial statement or financial statements would each of the following accounts appear?

• Identify the financial statement(s) by number.

• The account may appear on one or more or none of the statements.

• If the account is not reported on any of the above financial statements, your answer is N/A.

__________ Buildings, net of accumulated depreciation (enterprise fund)

__________ Investments of an investment trust

__________ Lease obligations, general fund

__________ Equipment, net of accumulated depreciation, for capital projects fund

__________ Accrued salaries and wages, general fund

__________ Cash held from sales tax collections belonging to the state

__________ Unrealized losses on enterprise fund derivative investments (hedges)

__________ Long-term pension liability for enterprise fund

__________ Long-term pension liability for general fund

__________ Deferred outflows of resources: bond refunding (general fund)

Answer 1

a) 3

b) 4

c) 3

d) 2 , 1

e) 2

f) 1

g) n/a

h) 4 , 3

i) 4 , 2

j) 1

Above accounts are numbered as a,b,c,d,e,f,g,h,i,j from a,a,a,a,a,a,a,a,i,a. in order to eliminate confusion.