Acc410 H

Instructions

Here is the question for the CONTINUING PROBLEM

Review the Comprehensive Annual Financial Report (CAFR) that you obtained.

  1. What are the main sources of the government’s revenues, including those from both governmental and business‐type activities?
  2. How are revenues from property taxes accounted for, i.e., as a single amount, or in multiple categories? Identify the various categories and indicate the percentage breakdown (e.g., residential property taxes are 50 percent of the total property tax revenues).
  3. Which of the entity’s governmental functions or activities had the greatest amount of directly identifiable revenues?
  4. Does the report discuss the accounting basis for recognizing revenues?
  5. Does the government’s government‐wide statement of net position or governmental‐fund balance sheet report “deferred revenue” (or deferred inflows of resources)? If so, what is the most likely reason this amount has been deferred?
  6. What is the government’s property tax rate?
  7. At what percentage of fair market value is real property assessed?
  8. When are property taxes due? When do interest and penalties begin to accrue?
  9. By what percentage did each of the three largest sources of tax revenue increase over the last ten years?

10.Did the government generate revenue from traffic fines? As best you can tell, are these revenues reported in the government‐wide statements as program revenues (e.g., associated with police or public safety) or as general revenues?

 

Continuing Problem (Questions 1 through 10- textbook page 180) – 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.)

  1. Main sources of the Town of Cary, NC 2019 revenues, including sources from both governmental and business-type activities –­­­­­­­­­­­­­­­­­­­­­­­                                                                                                                                                                                                                                                                                                                         
  2. Revenues from property taxes are accounted for as – Single amount or Multiple categories

      If Multiple categories, identify the various categories and indicate the % breakdown –

      ______                                                                                                                                         

                                                                                                                                                           

  1. Town of Cary, NC ‘s governmental functions or activities with the greatest amount of  directly identifiable revenue in 2019 –

                                                                                                                                                       

  1. Town of Cary’s 2019 CAFR discusses the accounting basis for recognizing revenue – Yes or No
  2. Town of Cary’ 2019 government-wide statement of net position or governmental-fund balance sheet reports “deferred revenue”?   Yes or No                                                                        If yes, most likely reason this amount has been deferred –

                                                                                                                                                       

  1. Town of Cary’s property tax rate – ____________________________________________
  2. Percentage of fair market value real property is assessed – ___________________________
  3. Town of Cary’s property taxes are due on – (date) __________________________________

  Interest and penalties begin to accrue on –  (date)                                                                    

  1.   Percentage that each of the three largest sources of tax revenue increased over the last ten years –

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  1. Town of Cary generated revenue in 2019 from traffic fines – Yes or No

Traffic fine revenue reported in the government-wide statements as program revenues or general revenues – ______________________________________________________________

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