Nobody downloaded yet

An Analysis and Review of West Virginia's Governmental Fund - Research Paper Example

Comments (0) Cite this document
Summary
An Analysis and Review of West Virginia’s Governmental Fund I. Introduction The State of West Virginia, like all other states and local governments, seeks to promote the general welfare of its citizens aided by different agencies through which the will of its constituents represents…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.9% of users find it useful
An Analysis and Review of West Virginias Governmental Fund
Read TextPreview

Extract of sample "An Analysis and Review of West Virginia's Governmental Fund"

Download file to see previous pages However, the implementation of governmental programs and services depends primarily on the allocation of the fund to different sectors. On the other hand, the preparation of its financial statements is in accordance to the “generally accepted accounting principles (GAAP)” in the U.S (“Audited Financial Statements,” 2007, p. 15). While the necessities and nature of activities from various agencies differ, so does fund allotment, must conform to the purposes it intends to provide. According to the 2007 West Virginia audited financial statements, the methods for reporting governmental fund are the “current financial resources measurement focus and the modified accrual basis of accounting” (“Audited Financial Statements,” 2007, p. 16). It is through these financial statements where “property taxes, franchise taxes, and interest” that accompanied the present “fiscal period” are acknowledged as the cash reserve for the period (“Audited Financial Statements,” 2007, p. 16). This essay seeks to analyze and review the financial statements and audit report of Kanawha County, West Virginia, using the general fund and all the other funds of the government. II. Method of Accounting The government reports the fund in three categories. First, the governmental fund, which includes the general fund and the capital-project fund, integrates the current financial resources management and a modified accrual basis of accounting, where it does not have depreciation expense and long-term debt. Second, the proprietary fund, which includes the entertainment and the internal service fund, utilizes the economic resources measurement focus and the accrual basis of accounting, where it requires a “statement of net assets, statement of revenues, expenses, and cash flow statements.” Lastly, the fiduciary fund employs the economic resources focus and the accrual basis of accounting, where it may not have the provision to fund other programs as the government functions as the trustee (U.S. Department of Transportation, 2000, pp. 10-11). All these funds use the accrual method of accounting. Under the requirements of the “Governmental Accounting Standards Board (GASB),” the application of the accrual method is suitable to maintain a balanced set of account where the expenditures correspond to the finances in the conduct of governmental operations. This is particularly significant since the accrual basis provides a comprehensive detail in the “understanding of economic reality” especially in determining the consequences of budget allotment (Ball & Pflugrath, 2012, p. 7). III. Compliance of GASB Statement 34, and Evaluation of MD&A for State and Local Government GASB Statement 34 requires a complete accrual method, which aims to have long-term capital assets consisting of infrastructure. It also covers the Management's Discussion and Analysis (MD&A) of the government’s monetary operation in recognizing its entire economic status (U.S. Department of Transportation, 2000, p. 8). As for the case of Kanawha County, the challenge it poses for compliance with GASB Statement 34 will depend on the cost and duration of time before its complete implementation in the local government. Additionally, if this would manifest a genuine thrust for transparency and accountability, this would strengthen its audit reports and economic condition in terms of financing governmental and business-type ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“An Analysis and Review of West Virginia's Governmental Fund Research Paper”, n.d.)
An Analysis and Review of West Virginia's Governmental Fund Research Paper. Retrieved from https://studentshare.org/business/1455000-y-select-a-local-government-in-your-state-and
(An Analysis and Review of West Virginia'S Governmental Fund Research Paper)
An Analysis and Review of West Virginia'S Governmental Fund Research Paper. https://studentshare.org/business/1455000-y-select-a-local-government-in-your-state-and.
“An Analysis and Review of West Virginia'S Governmental Fund Research Paper”, n.d. https://studentshare.org/business/1455000-y-select-a-local-government-in-your-state-and.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF An Analysis and Review of West Virginia's Governmental Fund

Pension Fund SWOT Analysis & Strategy

...European Commission: http://forlearn.jrc.ec.europa.eu/guide/4_methodology/meth_swot-analysis.htm Riley, Jim. "Marketing - SWOT analysis and marketing." tutor2u | Economics | Business Studies | Politics | Sociology | History | Law | Marketing | Accounting | Business Strategy. Tutor2u.net, 23 Sept. 2012. Web. 8 June 2013. . Luecke, Richard. Managing change and transition. Vol. 3. Harvard Business Press, 2003. MIT, Mary Rowe, Linda Wilcox Howard HMS, and Gadlin NIH. "Dealing with—or Reporting—“Unacceptable” Behavior (With additional thoughts about the “Bystander Effect”)." Journal of the International Ombudsman Association 2.1 (2009): 1-24. Patrick,...
8 Pages(2000 words)Essay

The political party of WEST VIRGINIA (USA)

....” A Cultural View of West Virginia, 2004. Web. 9 Oct. 2013. Brisbin, Richard A. West Virginia Politics and Government. The United States of America: University of Nebraska Press, 2008. Print. “East Lynn Lake Coal Lease Socioeconomic Baseline Assessment and Socioeconomic Impact Analysis.” Bureau of Land Management Milwaukee Field Office. Golder Associates Inc, 2008. Web. 9 Oct. 2013. Davis, Carl, Kelly Davis, Matthew Gardner, Robert S. McIntyre, Jeff McLynch & Alla Sapozhnikova. Who Pays? A Distributional Analysis of the Tax Systems in All 50 States. Institute of Taxation and Economic Policy (2009): 1-122. Guttmacher...
10 Pages(2500 words)Essay

The Historical Formation of West Virginia

...volcanoes that are preserved in rocks of Devonian age in eastern West Virginia". This resulted into the deposition of the different formations listed above. But the tectonic unstability was not the only unstable factor which contributed to the deposition of formations like the Helderberg Group, the Oriskany Formation, the Millboro Formation, the Brallier Formation, the Foreknobs Formation and the Hampshire Formation. The shoreline has been shifting many times as well in the period of about 415 to 360 million years ago. This all contributed to the forming of the formations that have been reported in this article. Works Cited Baedke, Steve, J. and Lynn. S. Fichter. "The Geological...
3 Pages(750 words)Essay

PredatorPrey Relationships in West Virginia

...Predator Prey Interactions and the West Virginia White Tailed Deer Problem West Virginia is dealing with a deer population problem that has major stakeholders worried about the preservation of an entire ecosystem. In January of 2000, Gary Alt, a preeminent bear biologist was put on the task of managing the dear overpopulation problem in West Virginia (Williams 2005). The problem has far reaching effects on every aspect of the eastern ecosystem, including vehicle collisions, which were 1.5 million on the nation's highways in 2000 (Williams 2005). For over 80 years, there has been pressure on game commissioners to produce more deer for...
8 Pages(2000 words)Essay

The Dangers of Relying on a Legal List: West Virginia Consolidated Investment Fund

...A Review of the Article “The Dangers of Relying on a Legal List: A Case Study of the West Virginia Consolidated Investment Fund” by Vernon Hayes The primary objective of the article “The Dangers of Relying on a Legal List: A Case Study of the West Virginia Consolidated Investment Fund” by Vernon Hayes is to use the example and cautionary tale of the West Virginia Consolidated Investment Fund and the financial and political scandal that it had undergone to demonstrate the pitfalls of relying on a “Legal List” of permissible investment instruments, rather than operating...
5 Pages(1250 words)Book Report/Review

Elliott West Analysis

...Elliot West Analysis The contested Plains by Elliot West is a systematic account of the rise of the Native American cultures, the white American’s discovery and mining of gold in the Rocky mountains, the changes, bitter crashes, and conflicts that followed these events. The plains were first inhabited by diverse cultures, which included the Cheyenne, and other tribes who valued horses, and later found in it enormous power to create a unique way of life that led to their domination in one of the world’s greatest grasslands. This was followed by the discovery of gold, which critically threatened the native’s ways of life, with bitter crashes such as the massacre at Sand Creek and the Indian wars of the 1860s. Therefore, west... ...
3 Pages(750 words)Essay

West Virginia University

...Goal Statement Admission Essay I hereby wish to apply for Higher Education Curriculum and Teaching Masters degree at the West Virginia University. I choose the University's Masters Program because it offers prospects for research and graduate study which will lead to the Doctor of Education and this is my long term goal. My pressing goal is to get an admission to a Masters in Higher Education Curriculum and Teaching Program that will prepare me for a career in Higher education and teaching curriculum thus, I have chosen the University’s Higher Education Curriculum and Teaching Masters program because of its emphasis on both educational and content knowledge and provision of electives which will give a...
1 Pages(250 words)Essay

Whites of West Virginia term paper

...Whites of West Virginia Introduction The Wild and Wonderful Whites of West Virginia is a documentary film by Julien Nitzberg portraying the social problems that a family goes through. “Fuss and fight and party’ is the motto of the family and there are various speakers in the documentary including policemen and lawyers who offer social interpretations of their wild behavior. They are involved in crimes such as drug possession, distribution and trafficking, and the use of violence. However, drug trafficking and possession is a crime which usually takes place in sociological settings where local street gangs are formed. This crime can be explained through various criminology theories; strain theory and genetics theory are two... the reasons why...
8 Pages(2000 words)Term Paper

West Virginia: A Review of the Budgeting Process

...Lecturer: West Virginia: A Review of the Budgeting Process Introduction The of West Virginia prepares a balanced budget that takes to account the needs of all local council governments within the state. Local council budgets are therefore bound to follow the same trends as the state government in preparation of their budgets with consideration of their expenditure requirements, the sources and other details about the budget. Of the 50 states in the USA, West Virginia is the 38th most populous and 41st largest by area. Its economy largely relies on coal production. This analytical report takes to account the budget...
5 Pages(1250 words)Term Paper

Buffalo Bill's West Wild Show

...were a business investment made to yield profits for Cody. Works Cited Bridger, Bobby. Buffalo Bill and Sitting Bull: Inventing the Wild West. Austin: U of Texas P, 2002. Print. Craske, Nikki. Women and Politics in Latin America. New Brunswick, NJ: Rutgers U P, 1999. Print Jong, W. de. "Adoration on Stage, Assimilation at Home Buffalo Bill’s show Indians, Reformers, and Manifest Destiny during the Late Nineteenth Century." MA thesis. Utrecht U, Netherlands, 2014.Print. McNenly, Linda S. Native Performers in Wild West Shows: From Buffalo Bill to Euro Disney. Norman, OK: U of Oklahoma P, 2012. Internet resource. Momaday, N. Scott. "The American West and the Burden of...
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic An Analysis and Review of West Virginia's Governmental Fund for FREE!

Contact Us