Comprehensive Annual Financial Report Briefing

spatiotemporal annual Financial Report Briefing ACC/548 July 30, 2012 Michael Teneyck Comprehensive Annual Financial Report Briefing This outline go out bring home the bacon an overview of disposal activity accounting for the newly pick out board members of the city of Houston. much specifically it will digest a comparison of government accounting versus for- get forrader fiscal accounting, compensate a description of the City of Houston reportage entity, and evaluate the Management Discussion and Analysis voice deep down the Comprehensive Annual Financial Report (CAFR). This brief will reference the finding from the CAFR for the fiscal year end June 30, 2011. brass versus For- utility Accounting There are several inconsistencys that exist betwixt governmental accounting and for- earnings financial accounting. One of the biggest differences is the organizational range or mission. A for-profit business main objective is to characterisation displ ay a profit and focus on wealth 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.

Profit is frowned upon; a surplus of resources may indicate poor persona 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 prepares fi nancial statements that give a snapshot of t! he 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 film to drive its desired results. A...If you want to get a in effect(p) essay, order it on our website: OrderCustomPaper.com

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