Saturday, December 7, 2013

Comprehensive Annual Financial Report Briefing

comp annual Financial Report Briefing ACC/548 July 30, 2012 Michael Teneyck Comprehensive Annual Financial Report Briefing This outline pass on appropriate an overview of disposal activity accounting for the newly elect board members of the city of Houston. much specifically it leave behind reserve a comparison of organization accounting versus for- get in advance fiscal accounting, hand a description of the City of Houston coverage entity, and evaluate the Management Discussion and Analysis voice in spite of appearance the Comprehensive Annual Financial Report (CAFR). This brief will reference the finding from the CAFR for the fiscal year end June 30, 2011. government activity versus For- make headway Accounting There are several deviations that exist amid governmental accounting and for- net financial accounting. One of the biggest differences is the organizational lay or mission. A for-profit business main objective is to moving picture di splay a profit and focus on wealthiness creation. This role of entitys mission is to generate a financial rejoinder on investment for its shareholder. The mission of a government is to recitation its resources to maintain or improve the well-being of its citizens by providing common go and basically breaking break even.
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Profit is frowned upon; a surplus of resources may indicate poor case services or under-utilization of resources that correlates to resources mismanagement (Granof &Wardlow, 2011). Another difference is the procedure of financial statements and budgets. A for-profit business prepa res financial statements that give a snapsho! t of the business financial stability. The annual financial statements are the most significant documents of a for-profit business because they provide primary(prenominal) information used by decision makers like investors, creditors, and suppliers. The profit margin is normally the biggest indicator of the business financial health. A for-profit business uses its budget for internal purposes and as a overhear to drive its desired results. A...If you want to get a secure essay, order it on our website: OrderCustomPaper.com

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