not-for-profits including governments is that businesses have profit as their main motive whereas the others have service. A primary purpose of financial reporting is to report on an entity’s accomplishments — how well it achieved its objectives. Accordingly, the financial statements of businesses measure profitability, their key objective. Financial reports of governments and other not-for-profits should not focus on profitability, since it is not a relevant objective. Ideally, therefore, they should focus on
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What are its main components? The CAFR is short for Comprehensive Annual Financial Report. The CAFR reports the governments’ activities from the fund accounts and the government-wide financial statements. The Main components are the introduction section, financial section, and statistical section. Differentiating between a budget and a Comprehensive Annual Financial Report (CAFR). The CAFR is a combination of financial reports for the transactions of the government. What makes it different from
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ACC 410 Assignment 1 Financial Statement / Audit Report Review Follow Below Link to Download Tutorial https://homeworklance.com/downloads/acc-410-assignment-1-financial-statement-audit-report-review/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Assignment 1: Financial Statement / Audit Report Review Due Week 4 and worth 240 points Select one (1) local government in your state or area and
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Government Measurement and Use of Performance Accounting and Financial Reporting Data in Planning and Budgeting Decision Support” (2009). The study used a multi case study approach. The study was done to identify debt obligation performance in financial reports to assess the measurement of debt performance. The researcher selected three county government agencies to perform the study. The selection of the county agencies was based on history and similarity of the use of performance measures and the use
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resources used. The principle of accountability requires that the local, state and federal governments report and answer to the citizens, and by doing this the governments need to justify the raising of public resources and the purposes for which the resources raised are used. There are three different governing boards that establish accounting principles, standards and rules on how to recognize and report accounting related transactions. There is the FASAB, which stands for Federal Accounting Standards
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CAFR BUDGET ANALYSIS 2 CAFR Budget Analysis The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) serve similar functions for different accounting entities. The GASB maintains accountability over state and local governments, while the FASB maintains adherence to standards for not-for-profit entities. Both governments and not-for-profit organizations use an expenditure approach to accounting where budgetary needs are the first priority over financial
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1 Introductory Section Yes, it defines the governmental reporting entity and the primary government is The Lansing Building Authority. Component unites are The Lansing Entertainment & Public Facilities Authority, Tax Increment Finance Authority, the Smart Zone, and the Brownfield Redevelopment Authority Yes, the introductory section discusses the financial condition of the reporting entity at the balance sheet date. Yes, it discuss the most significant changes in financial condition occurred
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PA504 – Governmental and Nonprofit Accounting Case Study Week Two Questions (40 points) Please provide a page reference to the CAFR (not the pdf) for each response if applicable. 1. Who prepared the CAFR? The Metropolitan Government of Nashville and Davidson County’s Department of Finance prepared the CAFR. 2. What is the length of the CAFR? The Length of the CAFR is 307 pages. 3. Describe briefly the form of government for The Metropolitan Government of Nashville and Davidson County
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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: |
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Program at Harvard Business School and the General Motors Advanced International General Management Program in Switzerland. District Demonstrates Accountability of its Funds State and federal statutes require that the District issue annual financial reports and such reports be audited by an
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