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The following are some of the financial statements required in the State of New York CAFR:...

The following are some of the financial statements required in the State of New York CAFR:

1. Government-wide statement: statement of net position

2. Government-wide statement: statement of activities

3. Fund statement: balance sheet—governmental funds

4. Fund statement: statement of revenues, expenditures and changes in fund balances—governmental funds

5. Fund statement: statement of net position–proprietary funds

6. Fund statement: statement of revenues, expenses and changes in net position—proprietary funds  

For each of the following balances related to the financial performance of the State of New York, indicate the number(s) of the statements on which the balance is reported.

Accrued pension liability for current employees, governmental fund employees

1 and 3

1 only

3 only

5 only

NOTE: 1 and 3 is INCORRECT

Solutions

Expert Solution

Government-wide Statement of Net Assets (Classification of net Assets) It shows about the following

1. Asset - Related Debt
2. Restricted
3. Unrestricted

CAFR - Basic Financial Statements ( Balance sheet - Governmental funds)

1. Government-wide Statements - Normal Accrual
2. Fund Financial Statements
a. Governmental Funds (5) - Modified Accrual
b. Proprietary Funds (2) - Normal Accrual
c. Fiduciary Funds (4) - Normal Accrual

The answer is 3 only

ekkarill92 answered 2 years ago
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