c. Non-Financial Performance Many city and county governments are discoveringthat you can control only what you measure. As a result, many municipalgovernments are introducing non-financial performance measures to help improvemunicipal services. Use the Google search engine to perform a search for "municipalgovernment performance measurement." Google will provide a list of Internet sitesthat outline various city efforts in using nonfinancial performance measures.a. Report on the types of measures used by one of the cities you found in yoursearch. Provide a summary of what your research found.

Answer:Use this activity to compare performance measures from different groups and their selected…

Answered: ents are introducing r services. Use…

Business

Accounting

ents are introducing r services. Use the Go ent performance mea ne various city efforts ort on the types of m

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 7MC: A good performance measurement system will align the goals of management with_______. A. the goals...

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City government officials are analyzing a complicated financial transaction. A GASB Implementation Guide seems to provide one reporting answer and a GASB Concepts Statement seems to provide a different answer. What reporting is most appropriate? The government can use either method and still be in conformity with GAAP. Government officials should follow the guidance provided by the GASB Implementation Guide. The city’s financial statements must be in conformity with the GASB Concepts Statement. The city’s accountants should seek some type of compromise that takes both of these pronouncements into consideration.
A good performance measurement system will align the goals of management with_______. A. the goals of the city manager and the mayoral staff B. the goals of the corporation, and both parties will benefit C. the priorities of the stockholders as listed at the annual meeting D. the Investment departments response to the annual audit
The dual objectives of assessing interperiod equity and ensuring budgetary compliance may necessitate different accounting practices. A city engages in the transactions that follow. For each transaction, indicate the amount of revenue or expenditure that it should report in 2020. Assume first that the main objective of the financial statements is to enable users to assess budgetary compliance. Then calculate the amounts, assuming that the main objective is to assess interperiod equity. The city prepares its budget on a “modified” cash basis (that is, it expands the definition of cash to include short‐term marketable securities), and its fiscal year ends on December 31. Employees earned $128,000 in salaries and wages for the last five days in December 2020. They were paid on January 5, 2021. A consulting actuary calculated that per an accepted actuarial cost method, the city should contribute $225,000 to its firefighters' pension fund for benefits earned in 2020. However, the city…
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Officials for the City of Artichoke, West Virginia, have recently formed a transit authority to create a public transportation system for the community. These same Officials are now preparing the city's CAFR for the most recent year. The transit authority has already lost a considerable amount of money and the officials have become interested in its reporting and whether it qualifies as a component unit of the city. Following are several articles written about the reporting of component units by a state or local government: "Changes in Component Units," Government Finance Review, February 2011. "GASB Issues Guidance on Financial Reporting Entity, Component Units," Accounting Policy & Practice Report, January 7, 2011. "Financial Reporting for Affiliated Organizations," The Journal of Government Financial Management, Winter 2003. "How to Implement GASB Statement No. 34," The Journal of Accountancy, November 2001. "GASB Issues Guidance on Blending Certain Component Units into…
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In this course, performance budgeting has been examined as a budget reform from the perspectives of budget functions and the flow of government service provision. Assume that you are a budget analyst in a city that uses a traditional line-item budgeting system. Recently the chief executive office (CEO) of the city has asked you to develop a performance budgeting system. (1) Explain thoroughly and comprehensively the key components of performance budgeting to the CEO, using the perspectives examined in this course with examples. (2) Use these components to thoroughly and comprehensively explain the differences between traditional line-item budgeting and performance budgeting. (3) Describe comprehensively and explain critically the key elements in your proposed performance budgeting system with examples. Discuss thoroughly the potential challenges of developing the performance budgeting system with examples.
Washington City created an Information Technology department four years ago to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid duplication of efforts, and provide up-to-date technology to all of the city’s operations. The fund was designed to be self-supporting; that is, all costs are to be recovered through user fees, but any excess of fees over expenses should be less than 4 percent. The preclosing trial balance for the IT department as of last year, is shown below. Debits Credits (in thousands) Cash $ 14,600 Due from Other Funds 4,730 Materials and Supplies Inventory 410 Machinery and Equipment 54,700 Accumulated Depreciation $ 31,000 Accounts Payable 2,690 Due to Federal Government 2,740 Due to Other Funds 1,210 Net Position—Net Investment in Capital Assets 23,700…
Scenario 1 A large city has been financing all of its services through property taxes and sales taxes. As the cost of services has been increasing, the city has found it necessary to raise its tax rates. A special commission appointed by the mayor suggests that it would be possible to reduce the property tax rate by charging residents a monthly fee to cover the costs of collecting and disposing of trash and garbage. The mayor likes the suggestion and wants to run the sanitation activity like a commercial business. Describe the fund accounting implications of adopting that suggestion. Scenario 2 Each department in a large city maintains its own fleet of vehicles. The cost of purchasing and maintaining the vehicles is financed through the General Fund. One day, the mayor walks past the parking lot of the Parks Department and notices that many vehicles are not being used. The mayor calls her finance commissioner into the office and says: "Couldn't we save money by setting up a central…
Explain to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for governmental entities. Explain why governments use fund accounting. Analyze the importance of budget and control of government resources. Explain how the GASB revenue and expense recognition model may improve the usefulness of the information governments report to the public. Format references according to APA guidelines.