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Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2015 Report Issue

Answer the following questions using the attached state's CAFR.

1. Explain the difference among non-spendable, restricted, committed, assigned, and unassigned fund balances.

2. Explain how the balance sheet for the General Fund is different from the Statement of Net Position of the state you are examining. Provide examples of notable differences.

3. On the Statement of Net Position, in the net position section at the bottom of the statement, explain why the majority of the amounts are listed as “restricted”.

4. On the Cash Flows Statement, is the direct or indirect method being used (per SFAS No. 95)? Does a reconciliation schedule follow the Cash Flows Statement?

5. On the Cash Flows Statement, briefly discuss some of other operating activities (inflows and outflows). For example, if one of the enterprise funds is a lottery, what are the inflows and outflows in the operating area?

6. On the Cash Flows Statement for propriety funds, how does the order of activities reported differ with the order of activities of a for-profit operation?

7. On the Cash Flows Statement, explain how the financing activities section is presented and contrast such reporting with the financing activities’ section of a for-profit operation. Provide specific examples in your response.

8. In the Basic Financial Statement section, what are the specific component units of the state government? What are the financial statements that were prepared? List them.

9. In the Basic Financial Statement section, on what page do the Notes to Financial Statements begin and on what page do they? How many disclosure notes are provided? What is the first disclosure note referred to as? How much debt is the state carrying (see disclosure on debt)?

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