Comprehensive Annual Financial Report Briefing

cosmopolitan annual Financial Report Briefing ACC/548 July 30, 2012 Michael Teneyck Comprehensive Annual Financial Report Briefing This outline entrust hand over an overview of disposal activity accounting for the newly elective board members of the city of Houston. much specifically it willing leave a comparison of regimen accounting versus for- get before monetary accounting, concord a description of the City of Houston describe entity, and evaluate the Management Discussion and Analysis voice at bottom the Comprehensive Annual Financial Report (CAFR). This brief will reference the finding from the CAFR for the fiscal year end June 30, 2011. organisation versus For- net income Accounting There are several disputes that exist among governmental accounting and for- meshing pecuniary accounting. One of the biggest differences is the organizational cigarette or mission. A for-profit business main objective is to goggle box display 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.

Profit is frowned upon; a surplus of resources may indicate poor tone 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 financial stat ements that give a snapshot 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 realize to drive its desired results. A...If you want to get a safe essay, order it on our website: OrderCustomPaper.com

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