Essay Week 2 Ind assignment

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 picture of the reporting entity’s financial condition, it provides how funds are spent and allocated throughout the year.

The manager will need to ensure that they have the correct level of rapport with their employee. Too familiar in nature may be misconstrued as forward and harassing in the wrong context. However no personal rapport whatsoever may provide the receiver of the information with the impression that the sender of the information is just not interested. A fine line must be weighed up for each individual. When a good rapport has been achieved, then the person will uncritically accept suggestion or advice which they are given.

C:4‑29 Current E&P Computation. Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:

According to Daft the main difference is that for-profit organizations’ bottom line is to earn money, while non-profit will focus on social impact (p.13). Therefore, the key stakeholders’ expectations would be within the increase profit and market position of their organization. In contrast, regarding the non-profit organization the expectations are parallel to diversity of the stakeholders. For instance in the case of the Salvation Army, the volunteers, customers, donors, and government agencies, will have different expectations of the organization, while the leadership would balance those expectations to achieve the non-profit goals.

According to our text, “Not-for-profit organizations lack a residual ownership claim and the organization’s purpose is something other than to provide goods and services at a profit.” “Because significant resources are provided to governments and not-for-profit organizations, financial reporting by these organizations is important.” (Page 2).

The Comprehensive Annual Financial Report (CAFR) that our team chose to analyze is for the State of Ohio. The CAFR is for the fiscal year that ended June 30, 2006. The information that was reviewed for the CAFR budget analysis was: the population, the State of Ohio’s governmental structure, the size of the budget and its interrelationship with the CAFR, major industries located in the entity, and other pertinent demographic information.

Ideas can be explored thoroughly in a dynamic home school environment, where in a traditional classroom it might need to be pushed aside in order to meet the next learning objective on time. (Jackson, 2013)

I chose this method to keep the two Ice cubes separated during the experiment, and to see the two individual results of adding salt, or adding nothing to the ice. Keeping the Ice cubes separate allows no error in collecting data on each individual subject. Adding salt to one will not interfere with data collected on the ice cube melting with no additives. Some studies were very similar, but most used many different substances to test how quickly Ice would melt. These included for instance Sugar, and Sand.

In this paper I have defined accrual and cash basis accounting. Also, I have answered the following questions: Explain the difference between the accrual basis of accounting and the cash basis of accounting. What are the major reasons for using accrual accounting? What are the purpose of a journal and a ledger? Give an example of a contra-asset, and explain how it is recorded on the ledger as a transaction. Explain what a “prepaid expense” is and how it is recorded on the ledger as a transaction. What are the major differences in recording transactions for a for-profit organization versus a not-for-profit, or are there any? List and record each transaction

The Comprehensive Annual Financial Report (CAFR) is consists of three major sections- introductory, financial, and statistical.

For-profits can generate capital through public (e.g. federal finance aid) and private (e.g. stock offerings) means as well as engage in lobbying to produce a more favorable regulatory climate. These revenue streams have brought sizable profit margins and market share for propriety institutions (2007). However, these streams resulted in increased regulation and governmental oversight from accrediting agencies for federal financial aid and the Securities and Exchange Commission.

Whereas a not-for-profit healthcare provider, cannot share their profits with any shareholders since they receive a tax-exempt status as long as their services are towards the members of the surrounding communities and are following a stricter set of rules and regulations. Non-for-profit healthcare providers are also seen as a voluntary healthcare organization and are known for providing charity care, especially to those that are uninsured.

activities? Which function or program has the highest net cost? What kinds of general revenues are available to cover the net cost of governmental activities?

This paper will examine budgeting procedures for profit and non-profit businesses and compare similarities, and if they exist, differences in accounting practices. This paper will also attempt to review what is Generally Accepted Accounting Procedures (GAAP) for budgeting for any organization to be successful.

Financially healthy nonprofits use income-based, rather than budget-based spending which allows them to have income projections that are realistic and helps to determine realistic costs (Zietlow, Seidner, 2014). The most successful nonprofit should have an operating reserve to finance shortfalls and hopefully allows them to have a positive cash flow at the end of the year (Zietlow, Seidner, 2014). However, most nonprofit organizations fight to manage cash flow due to how income and the expenses often may occur at different times, so that there may not be enough cash to pay for the expenses as they become due and payable (Zietlow, Seidner, 2014).