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Using the finance or similarly named department link of a city's Web site, download either the city's entire comprehensive annual financial report (CAFR) or, if possible, just the portion of the CAFR that contains the basic financial statements. Print a copy of the government-wide statement of activities and a copy of the statement of revenue, expenditures, and changes in fund balances, governmental funds, along with the reconciliation between these two statements, and respond to the requirements below. The city manager is concerned that some recently elected members of the city council will get a mixed message since the change in net position reported for governmental activities is noticeably different from the change in fund balances reported on the governmental funds statement of revenues, expenditures, and changes in fund balances. The city manager has requested that you, in your role as finance director, explain to the city council in clear, easy to understand terms for which purposes each operating statement is intended and how and why the operating results differ.
A) Examine the two operating statements in detail, paying particular attention to the lines on which changes in net position and changes in fund balances are reported and develop a list of reasons why the two numbers are not the same.
B) Prepare a succinct and understandable explanation of the results of operations of the government from the perspective of each operating statement, in terms that a non accountant council member would be able to understand.
Which of the following is common to both governments and not-for-profit entities but distinguishes these entities from for-profit entities?
Thoma Corporation's sales commissions (a cost that is variable with respect to sales volume) total $448,000. To the nearest whole dollar, illustrate what should be the total sales commissions at a sales volume of 33,200 units?
During the installation, a component of the equipment is carelessly left on a lane and hit by the automatic lane-cleaning machine. The cost of repairing the component is $2,250. Illustrate what is the total recorded cost of the automatic score keep..
Can you oftain a copy of the full text of these statements from this web site? Does FASB charge for its statements, or are they provided free of charge?
how would the items above relating to research and development activities be reported on the following financial statements?
venezuela co. is building a new hockey arena at a cost of 2500000. it received a down payment of 500000 from local
Prepare a statement of cash flows for year ended December 31, 2014. Use the indirect method for cash flows from operating activities and how can users of financial statements utilize statement of cash flows in making informed decisions?
Cleveland Corp. can accept only one of two projects. The revenue and expenses for each of the projects is shown below. Which project should Cleveland accept if the corporation has a 8% cost of capital and a 40% marginal tax rate?
determine the per unit costnbsp from the given data.erte inc. manufactures two models of high pressure steam valves the
computation of doubtful expenses for the year ended.a.nbspbased on the aging of its accounts receivable at december 31
Examine long-term borrowings in British Airways's balance sheet and the related note. What, if any, convertible securities does the company have outstanding?
what does the term consolidation process mean? What is the purpose of a worksheet during the consolidation process?
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