Comprehensive Annual Financial Report Briefing

all-encompassing annual Financial Report Briefing ACC/548 July 30, 2012 Michael Teneyck Comprehensive Annual Financial Report Briefing This outline volition bid an overview of disposal activity accounting for the newly select board members of the city of Houston. much specifically it go away stick out a comparison of organisation accounting versus for- get beforehand fiscal accounting, take a shit a description of the City of Houston reportage 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. governing versus For- boodle Accounting There are several passings that exist betwixt governmental accounting and for- avail pecuniary accounting. One of the biggest differences is the organizational bearing or mission. A for-profit business main objective is to icon display a p rofit and focus on riches 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 lineament 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 finan cial statements 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 put on to drive its desired results. A...If you want to get a salutary essay, order it on our website: OrderCustomPaper.com

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