Accounting | Accounting homework help

Project 1: Monetary Assertion / Audit Report Evaluation

Due Week four and price 240 factors

 

Choose one (1) native authorities in your state or space and assessment the monetary statements and audit report for the county or municipality. The monetary statements of the federal government you chose ought to have not less than three (Three) funds. Confer with the persevering with downside homework for Weeks 1 by way of Three for this project.

 

Write a 3 to 5 (Three-5) web page paper by which you:

1.Examine and distinction the great annual monetary report (CAFR) of the chosen native authorities entity with the town of Austin report from Week 1 homework. In your comparability, embody: 

a.Publication technique of the CAFR 

b.Audit and price range info  within the CAFR

c.The kind of audit report issued

d.Existence or non-existence of an inside audit operate inside the authorities entity

2.Put together the evaluation for the chosen native authorities entity, together with info on the introduction, monetary part, and statistical part ready within the metropolis of Austin’s CAFR from chapter 2. 

Three.Analyze the strategies utilized by the chosen native authorities entity in evaluating the budget-to-actual reviews. Your evaluation ought to embody an analysis of the premise of accounting used for the price range and monetary statements.

four.Analyze the sources of income on the chosen native authorities. Your evaluation ought to embody info on each governmental and business-type actions of the federal government. In your report, you'll want to look at

a.Property taxes and the way they're accounted for

b.Different sources recognized as major income for the entity

c.Deferred income

d.12 months-to-year variations within the tax ranges of revenue

e.Numerous administration dialogue and evaluation gadgets of word

f.Details about the final fund

 

Your project should comply with these formatting necessities:

•Be typed, double spaced, utilizing Instances New Roman font (dimension 12), with one-inch margins on all sides; citations and references should comply with APA or school-specific format. Verify along with your professor for any further directions.

•Embrace a canopy web page containing the title of the project, the scholar’s identify, the professor’s identify, the course title, and the date. The quilt web page and the reference web page usually are not included within the required project web page size.

Under is the hyperlink on your perusal:

The options to the persevering with issues are based mostly on the CAFR for the Metropolis of Austin, Texas, for the fiscal year-ended September 30, 2011.

The 2011 CAFR could be discovered at: https://belongings.austintexas.gov/financeonline/downloads/cafr/cafr2011.pdf

 

1.      The three predominant sections of the CAFR are the introductory part, the monetary part (the primary part) and the statistical part.

2.      Introductory part

a.      The town was awarded the GFOA Certificates of Achievement in yr 2010. This means that the report of the earlier yr met the GFOA’s requirements of accounting and reporting. The Metropolis administration believes that this 2011 CAFR conforms to the Certificates of Achievement program necessities, and can be submitting it to the GFOA for his or her assessment. (p. vi)

b.     Key subjects addressed within the letter of transmittal embody: (p. i-vii)

·         Overview of Metropolis authorities, financial situations and outlook

·         Main initiatives and achievements, together with:

-          PRIDE initiatives to grow to be best-managed metropolis within the nation (by way of public service & engagement, duty & accountability, innovation & sustainability, variety & inclusion, and ethics & integrity)

-          Vitality effectivity in recognition Austin Vitality’s continued management and achievement within the supply of vitality effectivity companies to its prospects

-          Innovation by way of the Austin Finance On-line program to boost monetary transparency

·         Different, together with:

-Monetary insurance policies

-Inside management and budgetary management

-Awards

·         Acknowledgements

 

 

 

Three.      Monetary part

a.      The fundamental monetary statements and associated notes have been audited by the impartial agency of Licensed Public Accountants Deloitte & Touche LLP.

b.     Sure. The town acquired an unqualified audit opinion (p. 1).

c.      Sure. The MD&A consists of: (p. Three-14)

·         Monetary highlights

·         Overview of the monetary statements

·         Monetary evaluation of the government-wide statements

·         Monetary evaluation of the fund degree statements

·         Different info consists of: Basic fund budgetary highlights; capital belongings; debt administration; financial elements and subsequent yr’s price range and charges; request for info.

 

d.     The report does include reconciliation between whole governmental internet belongings per the government-wide assertion of internet belongings and whole governmental fund balances per the governmental funds steadiness sheet. Among the many predominant reconciling gadgets are: (p. 21)

·         capital belongings capitalized on the government-wide statements however usually are not reported within the funds

·         different long-term belongings reported on the government-wide statements however not on the funds statements

·         inside service fund belongings and liabilities reported on the government-wide statements however not on the funds statements

·         long-term liabilities reported on the government-wide statements however not on the funds statements.

 

e.      The town has just one main governmental fund — the final fund: (p. 20)

The fund construction doesn't conform to the town’s organizational construction (as set forth within the organizational chart included within the introductory part of the report). (p. viii)

f.      It does embody required supplementary info, primarily: (pp. 106-112)

·         price range to precise comparisons

·         reconciliation of GAAP foundation and price range foundation accounts

·         price range amendments

·         retirement plans

 

g.     Sure, it does embody combining statements. These current monetary statements and schedules, by fund kind, for the final and nonmajor governmental and enterprise funds. (pp. 113-186)

h.     Sure, it additionally consists of different supplemental schedules, equivalent to: (pp. 187-191)

·         enterprise associated grants

·         schedule of basic obligation bonds approved and unissued

·         schedule of income bonds approved, deauthorized and unissued

 

 

four.      Statistical part

a.      The inhabitants of Austin was 778,560 in 2010. (p. 212)

b.     The town’s main employer is State Authorities. (p. 213)

c.      Different info within the statistical part pertains to: (pp. 194-220)

·                     income and expenditure developments

·                     property tax levies and collections, principal taxpayers

·                     worth of property

·                     direct and overlapping debt, debt margin

·                     debt protection

·                     metropolis gross sales tax

·                     electrical fund and water and wastewater fund

·                     airport statistics

·                     hotel-motel occupancy tax

·                     car rental tax

·                     financial and development indicators

·                     employment traits

 

 

P. 2-6

                                                                                                                                                                                       (1)         

 

Money                                                                                        1,000,000

      Tax revenues                                                                                                                     1,000,000

To document devoted tax revenues (debt service fund)

 

                                                                                                                                                                                       (2)         

 

Accounts receivable                                                              5,000

       Miscellaneous revenues                                                                       5,000

To acknowledge miscellaneous police division revenues (basic fund)

 

                                                                                                                                                                                       (Three)         

 

Money                                                                                     60,000

       Dividend revenues                                                                            60,000

To document funding revenue in a fund to assist actions of the federal government itself (everlasting fund)

 

                                                                                                                                                                                       (four)         

 

Money                                                                                     70,000

       Dividend revenues                                                                            70,000

To document funding revenue in a fund to assist exterior events (fiduciary fund)

 

                                                                                                                                                                                       (5)         

 

Building expenditures                                             6,000,000

       Money or Contracts payable                                                           6,000,000

To document building prices (capital initiatives fund)

 

                                                                                                                                                                                       (6)         

 

Switch-out to debt service fund                                      400,000

       Money                                                                                                400,000

To switch funds to a debt service fund (basic fund)

 

Money                                                                                   400,000

       Working transfer-in from the final fund                                   400,000

To document the switch of funds from the final fund (debt service fund)

 

Investments                                                                       400,000

       Money                                                                                                400,000

To speculate money transferred from the final fund (debt service fund)

 

                                                                                                                                                                                       (7)         

 

Depreciation expense                                                        100,000

       Accrued depreciation                                                              100,000

To acknowledge depreciation (inside service fund)

 

                                                                                                                                                                                       (eight)         

 

Money                                                                                     30,000

       Parking charge revenues                                                                         30,000

To acknowledge parking charge revenues (enterprise fund)

 

                                                                                                                                                                                       (9)         

 

Money                                                                                eight,000,000

       Bonds payable                                                                              eight,000,000

To document the issuance of bonds (enterprise fund)

 

                                                                                                                                                                                     (10)       

 

Attributable to college districts                                                    Three,000,000

       Money                                                                                             Three,000,000

To document distribution of taxes collected on behalf of faculty districts (company fund)