ACCT560 Government and Not-for-Profit Accounting Spring 2014 Project #1 CAFR Due Wednesday, February 5, 2014 at 5:30pm EST Objective: To examine a Comprehensive Annual Financial Report (CAFR) for Montgomery County, Maryland (A neighboring county located near American University). Deliverable: Turn in a hardcopy of your answers by the due date (See the Required: section for more details). Late submissions are heavily penalized or may not be accepted. Required: You must work individually
Question 1 4 out of 4 points | | | The City of Highland Hills receives a federal grant to assist in nutrition (feeding) programs for senior citizens. Senior citizens whose income is below a specified amount (the amount was specified by the Federal government) are eligible to participate in the program. Monthly checks of $100 (this amount was specified by the Federal government) will be mailed to eligible senior citizens. The proceeds of this grant should be accounted for in which of
Comprehensive Annual Financial Report Briefing Abstract The City of Detroit, founded in 1701, and incorporated in 1806, is in Wayne County, State of Michigan. Detroit is on an international waterway, which connects by means of the St. Lawrence Seaway to seaports around the world. Existing as the largest city in the State of Michigan, Detroit is notorious for its tradition in automotive and is a colloquialism for the automobile industry in the United States. Detroit is also known for its popular
SECTION TWO 3 Analysis Of quality of annual financial reports : case of UIL energy ltd 3 Background of UIL energy ltd 3 Ranking of financial reporting quality of UIL energy annual reports 3 SECTION FOUR 14 Conclusion 14 REFERENCES 15 References 15 SECTION ONE INTRODUCTION Quality of financial reporting and disclosure requirements has been an area of interest to different users of the financial statements. This is important because the users of financial statements rely on the information contained
Not-for-profit associations are associations that are formed to pursue some purpose other than to seek financial gain for the organisation’s individual members. Such associations may elect to incorporate as a company limited by guarantee under the Corporations Act 2001 (Cth). As not-for-profit entities are predominantly funded by public donation it is fundamental for their activities to exemplify transparency. Furthermore, their administrative burden needs to be limited so the association can focus
Comprehensive Annual Financial Report Table of Content I. Abstract II. Introduction III. Introductory analysis & GFOA Award IV. Financial Analysis V. Financial standing VI. Conclusion VII. References Abstract Comprehensive Annual Financial Report (CAFR) is a report used by cities, and local governments to provide the public with their financial records each year, while adhering to government accounting standards board (GASB) guidelines. The report presents a comprehensive
not-for-profit organizations in that A. They have different missions CH. 1 Questions 1. What is the defining distinction between for-profit businesses and not-for-profit entities, including governments? What are the implications of this distinction for financial reporting? The defining distinction is that for profit businesses focus on generating a profit every year, whereas government entities and not-for-profit organizations focus on improving and enhancing the quality of life in their communities. 3
standards that accurately represents all of their financial activity in a manner that is useful to concerned parties. To resolve these discrepancies three separate standard setting bodies have been tasked with developing Generally Accepted Accounting Principles (GAAP) for these different organizations: The Federal Accounting Standards Advisory Board (FASAB) for federal accounting, the Governmental Accounting Standards Board (GASB) for SLG, and the Financial Accounting Standards Board (FASB) for NFPs. The
Standards Board. C. Financial Accounting Standards Board. D. American Institute of CPAs. 19. Which of the following is identified by the FASAB as the foundation for federal financial reporting? A. B. C. D. Decision usefulness. Accountability. Understandability. Budget integrity. 20. Which of the following is not an objective of financial reporting by state and local governments? A. To assist users in assessing the adequacy of systems and controls. B. To assist users in assessing financial condition and
The Comprehensive Annual Financial Report (CAFR) is consists of three major sections- introductory, financial, and statistical. The first part includes letter of transmittal, organizational chart, and the certificate of achievement from prior year. To begin with the introductory part, I am pleased to present this written statement presentation for the CAFR of the City of Punta Gorda, Florida for the fiscal year ended September 30, 2013. The City of Punta Gorda are comprised of different entities