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Comprehensive Annual Fnancial Report Briefing - Essay Example

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Comprehensive Annual Financial Report Briefing Date Government accounting is usually different from for profit accounting. This is basically because the two have different objectives or goals. The main goals of a for-profit business are to maximize on the profits of the company…
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Comprehensive Annual Fnancial Report Briefing
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Download file to see previous pages As a result, they have to invest more in marketing because that is the component that will help the companies to boost their profits. On the other hand, the governmental organizations usually deal more on assisting citizens of the country. That means that the efforts of the government are usually towards helping the citizens of the country as opposed to making profits. Therefore most of the services that are offered by the government are usually subsidized and that will help to ensure that the poor and needy people in the community get access to the most essential facilities. The main sources of government revenue include fines that are collected, licenses, and donations. That means that any government facility that is available doe not majorly deal on the issue of making profit but basically charges a small fee for the facilities to be able to sustain their most essential needs (Martin, 2000). The other differences include the following, the owners of the government facilities is the public whereas for profit corporations are owned by shareholders. The decision is made by the shareholder of the company whereas the decision for governmental facilities is made by the people that have been elected by the public as their representatives. The government facilities do not aim at making profits while the for-profit corporations usually aim at making of profits. ...
es Notes of financial statements The statements that are prepared by for profit organizations include; Balance sheet Income statement Statement of cash flows Statement of stockholder’s equity Notes of financial statements The source of revenues for the government include the following Donor contributions Fines Taxes Levies Investment income Grants Source of income for the for profit business include the following Sales of merchandise Fees for services Investment income Gains on investments MD and A This should introduce financial statements that are basic and give an overview that is analytical in regard to the activities of the government. The MD & A usually provides a financial manager with a good opportunity to present both long and short term analysis of the activities that regard the operations of the government. The process should; provide an n analysis that is objective and easily read in regard to governmental activities. It should also include analysis that shows yearly performance. The analysis should show the yearly source of income for the government, the usage of funds by the various governmental bodies, the way the funds were distributed and any amounts that were left as surplus. This process will ensure that there is accountability in the government and that the fund that is associated with the public is appropriated well so as to ensure that there is no instance of fund misappropriations. The MD&A usually focus primarily on the government. The comments that are found in the MD&A should be able to distinguish between information hat regards the different components of the government and the primary government working and the primary government. The e outline of the MD&A 1. Brief description of financial statements. The description should include ...Download file to see next pagesRead More
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