...Chapter 01 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities True / False Questions 1. Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. True False 2. Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special purpose. True False 4. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all government entities. True False 5. The Financial Accounting Standards Board (FASB) is the body authorized to establish accounting principles for all colleges and universities and health care entities. True False 6. Neither governmental nor not-for-profit entities have residual equity that can be distributed to owners. True False 7. A characteristic common to governmental and not-for-profit organizations is that they do not exist to provide goods or services at a profit or profit equivalent. True False 8. The needs of users of government financial reports are the same as those of users of business entity financial reports. True False 9. The Federal...
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...9-1. According to the Bureau of Census a special district includes “local entities (other than counties, municipalities, townships, or school districts) authorized by state law to provide only one or a limited number of designated functions, and with sufficient administrative and fiscal autonomy to qualify as separate governments.” As can be seen from this definition a special district is a type of special purpose government. A primary government is broader in scope than a special district. According to GASB a primary government can be a state government, a general purpose government, or a special purpose government. To qualify as a primary government, GASB indicates a special purpose government needs to have a separately elected governing body, and be legally separate and fiscally independent of state or local governments. This definition is similar to the definition provided by the Bureau of Census for a special district. Therefore, a special district could be considered a type of primary government. 9-2. The letter of transmittal generally cites legal and policy requirements for the report. It can also provide information on factors relating to government services and operations. Since the transmittal letter is generally not a part of the audit, it can include somewhat subjective information. On the other hand, the MD&A is considered required supplementary information (RSI) subject to review by the auditor. As such, the MD&A can only contain...
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...into digital or electronic form. EDITH COWAN UNIVERSITY Use of Theses This copy is the property of the Edith Cowan University. However the literary rights of the author must also be respected. If any passage from this thesis is quoted or closely paraphrased in a paper or written work prepared by the user, the source of the passage must be acknowledged in the work. If the use desires to publish a paper or written work containing passages copied or closely paraphrased from this thesis, which passages would in total constitute an infringing copy for the purposes of the Copyright Act, he or she must first obtain the written permission of the author to do so. USERS AND ACCOUNTING INFORMATION PREFERENCES OF GOVERNMENT DEPARTMENT FINANCIAL REPORTS by Helen R Mignot B (Bus) A thesis submitted in partial fulfilment of the requirements for the award of Master of Business (Accounting) at the Faculty of Business Edith Cowan University Date of Submission: 05 February 1996 ACKNOWLEDGMENTS AND DEDICATION I wish to thank all those who provided...
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...Comprehensive Annual Financial Report Briefing: Each year the Los Angeles County Office of Education issues a Comprehensive Annual Financial Report (CAFR). The most recent report as the 2012 that was created by Alexander Cherniss, Ed.D., Chief Business Officer, fiscal year ending June 30, 2012. Presently no boundary changes during the fiscal year. The purpose of this paper is to provide an overview of government accounting and reporting. Governmental Accounting and Reporting Budgeting and accounting are predominantly vital for a government body. Any person with the competence to make decisions relating to the prevailing body should possess the essential understanding of budgeting and accounting. “The Governmental Accounting Standards Board (GASB) sets the accounting and financial reporting standards for state and local governments, whereas the Financial Accounting Standards Board (FASB) sets these standards in for-profit business” (Granof &Wardlow, 2011). Governmental purpose and missions differ from those of a for-profit business. For-profit business is vastly measured by increasing profits and shareholder worth. Economic metrics are based exclusively on revenue and net income margins, where there may not be as measurable for governmental financial reporting. Government financial report cannot be always measured in monetary trends but more on a service oriented and focus cannot always be measured in dollars and cents and tends to be based more so on service...
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...the companies because of the nature of their duties. As stated in Companies Act 1965 section 174 (2)(a), the roles of an auditor is to report the consolidated accounts by give a true and fair view as required by section 169 and in accordance with the applicable approved accounting standards. In 1971, during the implementation of New Economic Policy (NEP), where after the eruption of violence between Malays and Chinese in 1969, Malaysia economy change its direction from to target foreign interest of free enterprises towards in the control of the government. By the strong presence of the government to improve and balance the economics including the incomes distribution and assets ownerships, Malaysian now has a shared goal together in socio-economic; and thus increase the demand for the independent auditors and present more existence. During 1980s, Malaysia was in economics recession where NEP was slowly being discarded by the local communities and come to an end. There are no any significant changes in the roles of the auditors in late 1980s when started the operation of KLSE and amendment of the Companies Act. Changing of the term of the audit license to two years make governing the auditing profession more effective under Companies Act 1965. There are also additional statutory duties...
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...CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ENTITIES OUTLINE |Number |Topic |Type/Task |Status | | | | |(re: 15/e) | |Questions: | | | | |1-1 |Unique characteristics of governments and NFPs that create demand for |Identify/Explain |New | | |accountability | | | |1-2 |Distinguishing between general purpose and special purpose governments|Identify |New | |1-3 |Standards-setting bodies |Contrast |Same | |1-4 |Determining which standard-setting body sets standards for a |Identify/Explain |New | | |nongovernmental NFP | | ...
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...Hamlen University at Buffalo, The State University of New York Ronald J. Huefner University at Buffalo, The State University of New York James A. Largay III Lehigh University Cambridge BUSINESS PUBLISHERS Cambridge Business Publishers ADVANCED ACCOUNTING, Third Edition, by Susan S. Hamlen, Ronald J. Huefner, and James A. Largay III. COPYRIGHT © 2016 by Cambridge Business Publishers, LLC. Published by Cambridge Business Publishers, LLC. Exclusive rights by Cambridge Business Publishers, LLC for manufacture and export. ALL RIGHTS RESERVED. No part of this publication may be reproduced, distributed, or stored in a database or retrieval system in any form or by any means, without prior written consent of Cambridge Business Publishers, LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. STUDENT EDITION ISBN: 978-1-61853-151-3 Bookstores & Faculty: to order this book, call 800-619-6473 or email customerservice@cambridgepub.com. Students: to order this book, please visit the book’s Website and order directly online. Printed in Canada. 10 9 8 7 6 5 4 3 2 1 PREFACE W elcome to Advanced Accounting. We wrote this book with two major objectives in mind. First, we seek to reflect the changing topical emphases and content in the advanced accounting course; coverage is completely updated for new developments concerning applicable reporting issues and requirements, including...
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...Winning Global Taste Buds: v Levendary Café v Hillary Tzeng v Table of Contents v Executive Brief 3 Decision Tree 4 Company Overview Product Mix & Global Presence Current Business Model Value Chain Competitive Advantages Growth Imperative 5 6 7 8 9 Country Analysis – China Economic Overview CAGE Analysis Target Consumers Institutional Voids 10 11 12 13 Industry Analysis – Multi-Unit Restaurants Porter’s Five Forces Market Attractiveness Industry Trends Competitor Analysis 14 15 16 17 Recommendations 18 v Executive Brief v To reap the profits derived from possessing a strong brand image, quality customer service, and consistent company practices across its global operations, Levendary Café must enter China as a wholly owned enterprise, focus initially on an aggregation-arbitrage strategy, and reroute its Levendary China operations to a new arm of its managerial hierarchy. Thus far, Levendary China has suffered from a scattered brand reputation. In a rush to open as many stores as possible, Levendary Café in China has relied upon a pure adaptation strategy, which has fragmented its carefully curated company image. If the company wants to regain full control of its branding, it should only consider establishing wholly-owned operations to avoid losing further control. By turning to an aggregation-arbitrage strategy, Levendary Café can turn also around its profitability by creating...
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...Abstract The City of Troy’s Comprehensive Annual Financial Report for 2011 is analyzed. It is content the evaluation of efficiency and effectiveness of the CAFR, comparison of the current year result and performance with the prior result and performance, assess of financial condition, assess of financial operations, compliance with the budget, and overview of Management Discussion and Analysis. Also discussed in this analysis, the auditor’s comments and recommendation about independence, scope, and opinion; and also my recommendation. At the end of this analysis, included the City of Troy’s last 2 year’s performance analysis. Evaluation of Efficiency and Effectiveness At the end of 2011, The City of Troy had $330.4 million invested in a broad range of capital assets including land. Building, police and fire equipment, water and sewer lines, roads, sidewalks, and other infrastructure, net of debt. The increase in capital assets during the year was attributing to the excess of additional in streets, drains and water/sewer systems over the recognition of depreciation. The City of Tory’s debt rating is excellent. The City maintains a AAA rating on unlimited tax general obligation bonds by Standard and Poor’s. The City of Troy’s bond indebtedness totaled $42.8 million at June 30, 2011 a decrease of $4.4 million from the prior year resulting from debt retirement payments. The General Fund receives all City of Troy revenues not designated for special uses by statutes or the City...
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...Accounting Policies for Reporting Income Strayer University Intermediate Accounting 1 – ACC 303 February 6, 2012 Professor Elizabeth Hewitt Accounting Policies for Reporting Income Examining accounting standards and policies information from various sources such as FASB Accounting Standards Codification (Financial Accounting Standards Board), AICPA (American Institute of CPA’s) and FASAB (Federal Accounting Standards Advisory Board) I can give a overview of how these items are defined in various resources. The FASB Accounting Standards Codification is the single source of authoritative nongovernmental U.S. generally accepted accounting principles. Looking at the online FASB site it offers the most GAAP generally accepted accounting principles. The site is set up so that you can access the topics you’re looking for in a sort of drill down menu type of search. The site is somewhat user friendly in that it offers a tutorial on how to use the site. It also offers several useful functions such as cross-referencing and join-sections. The AICPA sets ethical standards for the accounting profession and U.S. auditing standards for audits of private companies, non-profit organizations and federal, state and local governments. This resource offers tabs with drop down menus; one of which is marked Research under this tab you can find Standards that will take you to the Standard page offering a list of topics on Professional Accountant Standards such as ‘Audit and Attest Standards’...
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...2011/2012 GRI Report A companion to the 2011/2012 Sustainability Report This report was released on October 7, 2012 | v1 . 8 About This Report The Global Reporting Initiative (GRI) is “a network-based organization that produces a comprehensive sustainability reporting framework that is widely used around the world.” This year, in 2012, The Coca-Cola Company has set out to report against the Key Performance Indicators (KPIs) that measure economic, environmental and social performance. We have done so within the scope of our Company’s wholly owned operations. Where we have reported information on behalf of the Coca-Cola system (The Coca-Cola Company and our bottling partners), we have flagged this information within the body of the text. For 2012, and the 2011/2012 Sustainability Report specifically, our Company has self-declared a grade B against the GRI G3.1 Guidelines. This year’s Sustainability Report has also received verification by a third-party external verification agency, FIRA Sustainability BV. Their verification is evidenced by a “+” sign next to our grade B, which reflects their verification and approval of our tracking systems. Throughout this report, you will find the KPIs that we have addressed, along with additional information regarding our most critical initiatives and programs. While we strive to continuously increase our transparency, some of the information requested in response to additional KPIs could put at risk our ability to compete and therefore...
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...Abstract The purpose of this paper, An Understanding of Public Administration, is to provide the reader with an overview of the field and its application towards public programs, agencies, groups and other associations. It also provides a clear definition, introduces some principles associated with public administration along and how it is used in American society. Public administration allows public policies and actions, decision-making ability and day to day operations of an agency to be executed effectively in our environment. The reader becomes familiar with the historical and social aspects pertaining to the evolving field. Public administration does not have a definite age of existence but has been recognized as reliable tool used to perform public service in the United States for the past century. Following the overview of public administration, an example of a public agency is illustrated to further acquaint the reader to the practice of public administration and how it operates to service the public. Table of Contents I. Introduction – Brief Overview of Public Administration II. Body A. Woodrow Wilson B. Principles behind Public Administration C. Public Administration in the United States D. Luther Gulick and Functions in Management E. POSDCORB III. Community Action Agency- Brief Overview IV. Conclusion V. Bibliography Introduction Public administration is encompasses the management...
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...Public Budgeting Case Study: Republic of Kosova 9/12/2013 [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] Contents 1.0. Introduction 3 1.1. Problem Statement 3 1.2. Report Structure 4 2.0. Methodology 4 3.0. Analyses 4 3.1. Overview of Public Budgeting 4 3.2. Public Budgeting in Kosova 5 Executive Summary Based on ‘Public Budgeting’ book, public budgeting is defined as making and implementing decision regarding the acquisition, allocation, and use of resources by government, with a primary focus on money in the modern age. Similar to budgeting of private companies as well as budgeting of families, public budgeting deals with generation of income, and then planning and monitoring how that incomes are being spent. This study aims to explain and understand the budgeting process in the Republic of Kosova by investigating which are the pros and cons in their process. To compile the report, only secondary data have been used such as literature and publications taken on official websites. Public budgeting, involves in itself some other tasks that sometimes could be incompatible and may erode the ability to perform the other task. These tasks includes: setting goals and priorities, linking goals to actions, managing the economy...
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...Government Roles and Finances in Education [ 1 ] Running Header: GOVERNMENT ROLES AND FINANCES IN EDUCATION Government Roles and Finances in Education Alisha Ware – Roberson Grand Canyon University Education Foundation and Framework 11-25-2010 | Roles in Public Elementary and Secondary Education | Local | * Uses property tax revenues as a significant funding source * Provided governing body for the operation of a school district is the school board. * Set up and uses Parent-Teacher Organizations to amplify family participation * Responsible for involving students with disabilities in education by providing transportation, occupational or speech therapy, and counseling * Are responsible for the hiring of teachers, administers and other staff members * Sets salaries for district employees * Provides in-service training for employees * Adopt policies and regulations for the operation of schools. * Allocates budgets to different schools/programs * Oversees building construction/maintenance | State | * Have been required to develop and expand existing student assessment systems * Provide technical assistance to schools in need of improvement * Responsible for making rules regarding students with disabilities * Establish guidelines for curriculum * Administers Federal Education Policy * Charter/license schools * Set number of school days * Create school health/safety laws * License/certify teachers * Grant subsidy...
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...key factors likely to affect the city’s economic, political and social environment in the next five years C. Assess the city’s current status as revealed in its comprehensive annual financial report (taking into account the city’s reporting practices and policies) D. Forecast the city’s fiscal status for the next five years taking into account the previously identified environmental changes and the city’s likely response to them II. Current state of, and trends in, the government’s operating environment A. Population 1. Age of population 2. Income level 3. Educational and skill level 4. Other relevant demographic factors B. Economic conditions 1. Wealth and income of citizenry (e.g. per capita net worth and income) 2. Major industries (and stability) 3. Unemployment rates 4. Value of property per capita 5. Sales tax base 6. Elasticity of revenues C. Political climate 1. Overall citizen satisfaction with government 2. “Liberal” or “conservative” citizen view as to role of government 3. Relations with state government and other local governments (e.g. those of surrounding and overlapping entities) 4. Citizen expectations D. Social conditions 1. Crime rates 2. Other measures of social...
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