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The process of managing the financial statements includes the design, implementation, and the maintenance of the internal control that has relevance during preparation and fair presentation of the financial statements. The financial statements need to be free from any material mistreatment, irrespective of error or fraud.
In June 30, 2014, the total net position of the Lebanon City did amount to $44,799,068. Pert of this amount, $27,614,924 was subject to invest in the capital assets, which was net of the related debt. The remaining balance that was including of $9,449,690 was subject to restrict for various purposes, and the remaining $7,734,454 was of the unrestricted net position.
The basic financial statement of the Lebanon City comprises three components. These are government-wide financial statements, the fund financial statements, and notes to the financial statements. The government-wide financial statements are with the design of providing readers with the broad overview of the City’s finances through a manner that is similar to the private-sector business. The over time increase or the decreases in the net position may be useful tools for indicating whether the City’s financial position is on the improving or the deteriorating track. The business-type of activities that the City engages in may include water, sewer, and the storm drainage services. The fund financial statements are with the design of demonstrating the compliance with the related finance legal requirements while overseeing the use of fund accounting. All of the funds of the Lebanon City can be subject to divide to three categories, namely the governmental funds, property funds, and the fiduciary funds.
Just as earlier mentioned, the net position may be helpful at serving over time as being the useful indicator when it comes to the City’s financial position. The total assets of the
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The process of budget preparation is often complex as it requires inclusion of various aspects of the financial nature an organization. Budgets are mostly prepared during the late periods of a given financial year in order to depict the costs of the intended programs by the planning committees of given organizations The main aim of this paper is to answer questions of what factors and consideration are taken into account while preparing a budget and future prospects of the budget.
This should be followed by an analysis of what is needed for the coming year and how it will be financed if necessary. Each department should conduct a detailed review of their needs and wants and categorize all of them according to importance. The process is important because it is necessary to make sure a set plan is followed that includes everyone.
The overall case study describes the conversation that took place between Tom Emory, the manager of machine shop and Jim Morris, the manager of the division of equipment maintenance of Ferguson & Son Manufacturing Company. Initially, it was observed that the degree of efficiency was rapidly decreasing.
The common types of budget are performance budget, cash budget and budget fore cast. Performance budget is based on anticipated revenues and expenses that are anticipated to be incurred in the future (Millett, 2011). Cash budget predicts how the available revenues will be utilized to accomplish a project (Millett, 2011).
As such, the primary-key value has no significance to the customer and no association to the information to which it’s allocated.
The key to resolve many to many relationships is to separate the two entities and create two one-to-many
Nevertheless, for the previous fiscal year, the anticipated plan has on average revenues totaling $2.5million. The infrastructure improvement budget suggests expenses totaling to a tune of around $1.7 million, with an additional $0.5 Million in
e goals of the lesson are to test the comprehension skills of the student by testing their ability to retain the content and to match the questions with the correct answers. For example, questions at the end of the comprehension test the rotational ability of the student while
No one is to miss practice or attending the main competition events due to lack of funding. The activities are in line with the sports program’s mission statement that emphasizes on participation and athletic