>> Accounting Basics
Review the Comprehensive Annual Financial Report (CAFR) for 2013 from the city of Cedar Falls, Iowa, and answer the following questions.
Explain how Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow.
Read the management discussion and analysis (MD&A) section on page 18 and describe 2 or more significant areas that were addressed by management.
From the notes of the financial statements starting on page 46, describe which accounting policies are being utilized by the city.
What did you discover in the statistical section? ?How is the city doing?
Provide an analysis.
Examine the funds listed under the budget on page 37 and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
By looking at the budget starting on page 81, choose 2 different funds and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
Define and give examples of the infrastructure assets that are held by Cedar Falls.
Describe the circumstances, and provide the journal entries for the 2 entries that are going in to the general fund. ?For example, 1 entry goes into the debt service fund and 1 goes into the capital projects fund.
This assignment has been prepared in the word file . This assignment is basically on the basis of the Annual financial report of the Cider Falls. this states about the net position of the business as well as various other requirements in regard to the same.
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Accounting policies being utilized by the city- as we all are aware that as per the accounting principles generally accepted in the United States of America, the financial statements clearly presents the city as well as the components units as well as the entities. As per the required policies, presented component units are reported in a separate column in the combined financial statements to emphasize that they are legally separate from the City (Cedarfalls, 2016).
Further, Accrual basis of accounting have been used. The government wide financial statements have been reported using the economic resources measurement as per the required policies. Also, it has been seen that the revenues are recorded when the earned as well as expenses have been recorded as & when the liability is incurred, inspire of the fact of the timing in regard to the related cash flows.
For example property taxes have been recognized as revenue in the year for which the same have been levied. Also the grant as well as the similar items has been recognized as revenue as & when the entire eligible requirements which have been imposed have been met (Annual report, 2016).