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
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
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?
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
(Enter the answer to the question
in the blanks provided.)
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 –
Town of Cary, NC
‘s governmental functions or activities with the greatest amount of directly identifiable revenue in 2019 –
4. Town of Cary’s 2019 CAFR discusses
the accounting basis for recognizing revenue – Yes or No
of Cary’ 2019 government-wide statement of net position or governmental-fund balance
sheet reports “deferred revenue”? Yes
If yes, most likely reason this amount has been deferred –
6. Town of Cary’s property tax rate – ____________________________________________
7. Percentage of fair market value real
property is assessed – ___________________________
8. Town of Cary’s property taxes are due on –
Interest and penalties begin to accrue on – (date)
9. Percentage that each of the three largest
sources of tax revenue increased over the last ten years –
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________10. Town of Cary generated revenue in 2019 from
traffic fines – Yes or No
revenue reported in the government-wide statements as program revenues or
general revenues –