Free Essay

Acc 410 Assignment 1 Financial Statement / Audit Report Review

In: Other Topics

Submitted By CathyBoone
Words 514
Pages 3
ACC 410 Assignment 1 Financial Statement / Audit Report Review Follow Below Link to Download Tutorial http://homeworklance.com/downloads/acc-410-assignment-1-financial-statement-audit-report-review/ For More Information Visit Our Website ( http://homeworklance.com/ )

Email us At: Support@homeworklance.com or lancehomework@gmail.com

Assignment 1: Financial Statement / Audit Report Review Due Week 4 and worth 240 points
Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment.
Write a three to five (3-5) page paper in which you:
1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include:
a.Publication method of the CAFR
b.Audit and budget information in the CAFR
c.The type of audit report issued
d.Existence or non-existence of an internal audit function within the government entity
2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2.
3.Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Your analysis should include an evaluation of the basis of accounting used for the budget and financial statements.
4.Analyze the sources of revenue on the selected local government. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine
a.Property taxes and how they are accounted for
b.Other sources identified as primary revenue for the entity
c.Deferred revenue
d.Year-to-year variations in the tax levels of income
e.Various management discussion and analysis items of note
f.Information about the general fund
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Evaluate the financial reporting of state and local governments and assess the reporting requirements in accordance with governmental accounting standards board (GASB).
• Analyze governmental activities related to expenditures and expenses.
• Use technology and information resources to research issues in government and not-for-profit accounting.
• Write clearly and concisely about government and not-for-profit accounting using proper writing mechanics.
Click here to view grading rubric.
The CAFR that I used in continuing problems in chapter 1 to three is The stat of North Dakota.…...

Similar Documents

Premium Essay

Financial Statement/Audit Report Review

...Assignment: Audit Report Review By Eleanor P. Luu Professor Joetta Malone Course Title ACC 410006VA016-1126-0010 July 27, 2012 In my review, I found the financial statements for the City of Galax. They are located near Roanoke, Virginia and they have three separate financial statements that are provided for their three different funds, not counting their General Fund. They have their Governmental Fund, their Proprietary Fund and their Fiduciary Fund. The amazing thing in reviewing their financial statements is that they follow the guidelines that have been established by GAASB. The GASB “was formed in 1984 to give public sector entities guidance for recording their financial transactions. For smaller towns or cities, the basic guidance is that they use cash basis accounting for their activities. For larger towns or cities, the basic guidance is that they must use accrual accounting as their method. The City of Galax uses both and actually even a combination of the two. The government-wide financials and the proprietary funds financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied....

Words: 956 - Pages: 4

Premium Essay

Acc 410 Assign 1

...Assignment 1 Generally Accepted Auditing Standards Generally Accepted Auditing Standards | Action by Jones Resulting in Failure to Comply with Generally Accepted Auditing Standards | The auditor must have adequate technical training and proficiency to perform the audit. | Jones, CPA hired to students that did not have any experience. | The auditor must maintain independence in mental attitude in all matters relating to the audit. | Arthur Jones, CPA, accepted the offer of receiving a bonus if bank approves the loan. | The auditor must exercise due professional care in the performance of the audit and the preparation of the report. | Jones, CPA did not exercise “professional care in performance of the audit and preparation of the report” because he failed to follow the GAAP guidelines. There were no notes included within the report, students conducted the report without guidance etc. | The auditor must adequately plan the work and must properly supervise any assistants. | Jones did properly supervise the students. He only told them what to. He should have reviewed the information that the students prepared and ensured that Generally Accepted Auditing Standards were followed. | The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud,......

Words: 543 - Pages: 3

Premium Essay

Financial Statement / Audit Report

...The King of Pop: Coca-Cola Linn B. Jordan Strayer University Professor Wendy W. Achilles ACC 499 April 14, 2013 The King of Pop: Coca-Cola Coca-Cola is worldwide known as one of the most famous non-alcoholic beverages. Coca-Cola products have been almost everyone’s favorite for the past 125 years. As going into its 126th year in business, the company is growing bigger and stronger than ever before with a seemingly effortless grip on the market with its recent announcement in earning more profits while its competitors were losing profit. Following is a closer look at the company’s financial information being analyzed to further confirm its standing among other players. In Mike Esterl’s article on the Wall Street Journal, he indicates that Coca-Cola is the number one soft-drink brand in the United States – a huge market in the North American market. Numbers in Esterl’s article shows that Coca-Cola has a 42 percent of the market which translates to how well Coca-Cola is doing in the United States alone. According to Coca-Cola, the North American market has the net operating revenues (in millions) of $8,191 in 2010, $11,140 in 2011, and $20,559 in 2012 and profit incomes, also in millions, of $1,699, $1,520, and $2,318. These numbers show that the North American market is doing relatively well based on these increasing figures over the three-year period although there is a slight setback in operating income in 2012. Regarding the volume growth, North American market......

Words: 875 - Pages: 4

Premium Essay

Review of Financial Statements

...Review of Financial Statements University of Phoenix FIN324 Financial Analysis for Managers Joseph Brennan Introduction It is said that companies will come and go, and those that survive and left standing will teach other companies, how their survived. We will take two companies; UPS and Ebay, Inc break them down and show you how they got their start. In our paper, it will also be discussed and show a review of their financial statements from each one. The point is to get a better picture of where a company started, the competition it endured, and the money that was possibility projected for the start. This paper will also show how auditors are essential to the running of any company. Review of Financial Statements Brief overview UPS, a delivery service, has been around for about 100 years. James E. Casey started the company on $100 borrowed from a friend of his. Casey, who was 19 years old when he started UPS, had worked for delivery services before and wanted to start a better delivery system of his own. The American Messenger company, what UPS was previously called, started in Seattle, Washington and had many competitors in the beginning. His business not only survived among them, but thrived (UPS, n.d.). Today the company serves over 200 countries delivering “goods, funds, and information” (UPS, n.d., ¶ 1). UPS has several stores located in these countries, including the United States, where people can not only have their packages sent, but they can also......

Words: 1595 - Pages: 7

Premium Essay

Acc 557 Assignment 1: Review of Accounting Ethics

...Assignment 1: Review of Accounting Ethics ACC 557 April 27, 2014 Conductive Ethical Behavior I believe that the current business and regulatory environment is more conductive to ethical behavior. In current times a company’s reputation can determine its success or failure. This has made more company’s own up to their ethical mistakes and behaviors. They are more likely to admit a mistake or failure when an ethical breach has surface in order to save face and keep its reputation. This is evident in the ethical breach I will be writing my paper on. Organization Yahoo Inc. is an American multinational internet corporation headquartered in Sunnyvale, California. It is widely known for its web portal, search engine Yahoo Search, and related services, including Yahoo Directory and Yahoo mail (Staff, 2012). Ethical Breach and Detection Yahoo hired Thompson as CEO in January 2012. On May 3, 2012 investor Dan Loeb, CEO of Third Point LLC, sent a letter to Yahoo’s Board of Directors (Prnewswire.com). The letter names a Yahoo SEC filing declaring that Thompson holds a Bachelor's degree in accounting and computer science from Stonehill College and that Loeb had reason to believe that the degree was in accounting only. Loeb questioned if Thompson had embellished his academic credentials and also questioned if the Board had failed to exercise appropriate diligence and oversight in one of its most fundamental tasks – identifying and hiring the Chief Executive Officer. Loeb......

Words: 764 - Pages: 4

Premium Essay

Financial Statement Review

...Financial Statements Reviewed Beverly Landrum HCS/405 September 15, 2014 Terri Andrews Financial Statements Reviewed Team D will explain the difference between the audited and unaudited financial report starting with the team’s understanding the financial statement and results should be expressed in thousands. Team D recognized any number from the statement should have zeros added at the ends. Let’s say a number that is written as 7,000 in the statement should actually read 7,000,000. So in our report for this paper, we will follow the thousand noted in the audits with the knowledge of the true value. There were many differences in the audited and unaudited financial statements. There was a deficient -$18,856 in cash and cash equivalents between 2008 and 2009 as well as a decline in assets of limited use of $14,257. However, an increase of $21,121 in the patient account receivable demonstrating Patton-Fuller Community Hospital (PFCH) had an increase in patient care and services. There was a rise in accounts receivable with a result of $0 revenue. It was noted in the inventories there was a $1 million dollar difference between 2009 and 2008. It was explained in the auditor’s there was an annual inventory in December that supply expenses were underestimated and that cost was added to the December’s statement (PFCH 2009). The prepaid expenses differences amounted to a negative 106. The total current assets grand total differences between 2008 and 2009 was -$2159. ...

Words: 490 - Pages: 2

Premium Essay

Financial Statements and Audit Report Review

...Paulding County, GA Financial Statement / Audit Report Review Government and Not-For-Profit Accounting, ACC 410 November 2, 2014 Financial Statement /Audit Report Review This is the Audit Report Review of the evaluation of the Government-wide Financial Statement and the Fund Financial Statement of Paulding County, Georgia. Under compliance of the Governmental auditing standards, GASB Statement No. 34, Paulding County’s report includes Government-wide financial statements, which include the Statement of Net Assets and the Statement of Activities. Also released by Paulding County is the required second set of statements, the Fund financial statements, that include the Balance Sheet-Governmental Funds, Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets, the Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds, and the statements associated with the other governmental fund categories, general, propriety and fiduciary. The county’s fiscal year ended June 30, 2013 and the reports were released on December 16, 2013 (Paulding County, GA 2013). Mauldin & Jenkins CPA, LLC of Atlanta, Georgia, independently audited the county’s basic financial statements. They audited the business-type activities, the comprehensive discretely presented component units, each major fund, and the aggregate remaining fund information of Paulding County. The component units are either 1) legally separate entities for which......

Words: 1014 - Pages: 5

Premium Essay

Financial Statements Review

...Financial Statements Review Team E Jaime Jensen, Porsha Seay HCS 405 February 23, 2015 Jennifer Noren Financial Statements Review This paper is based on a case study for Patton-Fuller Community hospital. It’s a review on how to determine the annual reports differs from unaudited and audited statements. This paper will also explain the relationship between revenue sources and expenses on Patton-fuller financial performance. The effects of revenue sources on financial reporting at the hospital will also be discussed. The hospital revenue and expenses grouped for planning and control will also be explained. The balance sheet for Patton-Fuller Community Hospital for the years of 2008 and 2009 have differences in the statements provided. The audited and unaudited financial statement was different because in the statement of revenue and the expenses there was an additional provision provided that brought the account in the net come column from black to red. On the 2009 unaudited statement there was 59,787,000 and the audited statement there was 58,787,000 which accounts for the 1,000,000.When looking at the financial statements what is first noticed is that they are expressed in thousands which means all the numbers shown will have zeros added to the end. When writing in thousands a number written as 16,000 on the statement is actually 16,000,000. When looking at the differences between the audited and the unaudited statements there is a one million dollar......

Words: 542 - Pages: 3

Premium Essay

Acc 531 - Financial Statement Review – Intel

...Financial Statement Review – Intel What is the net income for the current fiscal year? Is it up or down from the prior year? Why would this information be important to investors? From the income statement of Intel, the net income is $ 11,005 million for the current fiscal year. The net income is down compared to the prior year which was $12,942 million. The net income determines the efficiency and profitability of a company. The net income is use to analysis where you can determine how efficient a company utilizes its assets and equity. Net income along with several items on the Financial Statement such as operational income, net income before and net income after tax, are used in the fundamental analysis of companies. They help determine different ratios and enable the investor to determine how effective a company is internally. The net income is essential to investor as it determines the productivity and provides a good perspective on determining if a company is making money on a satisfactory scale. What is the ending balance in stockholders’ equity? Why would a labor union potentially be interested in this information? The ending balance of the stockholder’s equity was $ 51,203 million. The balance of shareholder’s equity is acquired from the company’s total assets subtracted with its total liabilities; this can be used as an indicator of the net worth of the company (Way, 2013). The stockholder’s equity can serve as a measure of the progress of the company,...

Words: 642 - Pages: 3

Premium Essay

Assignment 1-Financial Research Report

...Assignment 1-Financial Research Report FIN 534: Financial Management Hannah Fox Dr. Dana Leland August 30, 2015 The U.S. publicly traded company that I have selected is Kroger. Kroger is a grocery retail chain in the US. It operates supermarkets and multi-department stores under a number of banners including Kroger, Harris Teeter, Ralphs, Fred Meyer, Food 4 Less, Fry's, King Soopers, Smith's, Dillons, Jay C, QFC and City Market. According to The (Kroger Co. SWOT Analysis, 2015), the company holds the largest or the second largest market share position in 41 of the 49 major markets in which it operates. It ranks among the largest corporations in the US. Kroger's size provides it with significant pricing power over food producers, giving the company economies of scale over smaller supermarket operators. Kroger follows a strategy which has evolved to incorporate more elements of differentiation on factors other than price. The company has tried to identify various factors that drive customer visits and loyalty and has made several targeted investments to achieve the same. One such move is the increase in gasoline stations. The company has increased the number of stores with fuel centers to 1,240 in FY2014 from 376 in FY2003. Having more than 1,000 fuel centers is a key advantage for Kroger, enabling the company to drive traffic to its stores. In 2010, the company partnered with Shell to roll out the grocer rewards program in Cincinnati, Dayton, Knoxville, Nashville and......

Words: 4580 - Pages: 19

Premium Essay

Acc 623 Audit Review

...Audit Problems ACC 623 Test 1 Review I) Intro to Auditing a. The Need for High quality Information: i. Financial information is relied upon by investors to make their investment decisions, creditors to make lending decisions, and by other parties that include vendors, customers, and potential merger or acquisition partners. It is extremely important that this information be reliable since significant sums of money are at stake in these investment and lending decisions. ii. A user of the financial statements of an entity who views the information they obtain as being low quality, or risky, will demand a higher return for his or her investment in that entity. 1. Risk premium: the difference between the return demanded by the investors and the return that would be demanded in the absence of any associated risk iii. Low quality information can be caused by either intentional or unintentional misstatements of that information.  2. Unintentional misstatements in the financial statements often occur due to weak internal controls, unqualified staff, human judgment errors, or lack of attention to detail in the financial reporting process.  3. Mgt, who prepare the financial statements, have significant incentives to intentionally misstate the financial statements to make the company appear more profitable than it is a. Moral hazard: situation in which one party gets involved in a risky......

Words: 1560 - Pages: 7

Premium Essay

Fin 410 Wk 4 Assignment 2 Financial Statements

...FIN 410 WK 4 ASSIGNMENT 2 FINANCIAL STATEMENTS To purchase this visit here: http://www.activitymode.com/product/fin-410-wk-4-assignment-2-financial-statements/ Contact us at: SUPPORT@ACTIVITYMODE.COM FIN 410 WK 4 ASSIGNMENT 2 FINANCIAL STATEMENTS FIN 410 WK 4 Assignment 2 - Financial Statements Use the same financial institution that you selected in Assignment 1. Use the Internet to research its customer service features, financial statements, and financial performance. Write a three to four (3-4) page paper in which you: 1. Examine the organizational structure of your selected organization, indicating how this financial structure helps the organization achieve its goals. Provide support for your rationale. 2. Analyze the customer service features offered (e.g., ATM, Website, etc.). Propose what the organization can do to improve or add to these features and the likely impact to the organization. 3. Determine the selected organization’s financial position based on the data collected from their major financial statements (the income statement, the balance sheet, and the statement of cash flows). Use at least three (3) major financial ratios to support your argument. More Details hidden... Activity mode aims to provide quality study notes and tutorials to the students of FIN 410 WK 4 Assignment 2 Financial Statements in order to ace their studies. FIN 410 WK 4 ASSIGNMENT 2 FINANCIAL STATEMENTS To purchase this visit here: http://www.activitymode.com/...

Words: 643 - Pages: 3

Premium Essay

Assignment #1 Financial Report

...ROBIN L BROWN FINANCIAL RESEARCH REPORT FIN 534 FINANCIAL MANAGEMENT MARCH 5TH, 2015 DR. WOO In all its 44th year of service, Dallas-based Southwest Airlines (NYSE: LUV) continues to differentiate itself from other air carriers. When Southwest Airlines first took to the skies in 1971, the idea was simple—offer low-fare air travel with the best Customer Service delivered by people who have a passion for serving others. Southwest Airlines was founded by Herb Kelleher and Rolling King. The company started its services for San Antonio, Dallas and Houston. The company was the first to introduce passenger programs that changed the airline industry. In the mid-1980s, the company was first to offer the frequent miles program. This program allowed travelers to bank traveled air miles to be used later as credit for a reduced airfare or free ticket. It was also the first airline company to offer senior discounts, fun packs and fun fares. In the 90s, the airline continued to introduced passengers to “newness”. In 1994, Southwest became the first major airline to offer ticketless travel. In 1996, Southwest became the first major airline to post a website with the launch of our “Home Gate” site. Southwest Airlines had other “first” as well. It adopted the first profit sharing plan in the US airline industry in 1973. The employees own almost 10% of the company stock through this plan and others. 87 percent of the company is unionized. The pilots are represented by the pilot......

Words: 709 - Pages: 3

Premium Essay

Acc/220 Financial Statements Week 2 Assignment

...Financial Statements Your name here ACC/220 Date Instructor Information about a company is reported on financial statements that show the company’s financial state of being. Reports made on a balance sheet, an income statement, a retained earnings statement, and a statement of cash flows show different aspects of a company’s financial situation. Lenders, creditors, and investors use these documents for determining the future prospects of the company. Managers within the company also use these documents to make decisions about the daily operations of the company. The income statement reports the success or failure of a company’s operations for a period by listing the company’s revenues and expenses (Kimmel, Weygrandt, & Kieso, 2003). The net income of the company is determined on the income statement by deducting expenses from revenues (Kimmel, Weygrandt, & Kieso, 2003). The retained earnings statement shows the amounts of retained earnings during a period, and the causes of changes in those amounts. Retained earnings are the net income retained in a company not paid in dividends to stockholders (Kimmel, Weygrandt, & Kieso, 2003). The balance sheet reports the assets, the liabilities, and the stockholders equity within the company at a specific point (Kimmel, Weygrandt, & Kieso, 2003). Assets on the balance sheet are balanced against liabilities and stockholders’ equity (Kimmel, Weygrandt, & Kieso, 2003). The statement of cash flows provides......

Words: 523 - Pages: 3

Free Essay

Acc 410 Assignment 1 Financial Statement / Audit Report Review

...ACC 410 Assignment 1 Financial Statement / Audit Report Review Follow Below Link to Download Tutorial http://homeworklance.com/downloads/acc-410-assignment-1-financial-statement-audit-report-review/ For More Information Visit Our Website ( http://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Assignment 1: Financial Statement / Audit Report Review Due Week 4 and worth 240 points Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment. Write a three to five (3-5) page paper in which you: 1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include: a.Publication method of the CAFR b.Audit and budget information in the CAFR c.The type of audit report issued d.Existence or non-existence of an internal audit function within the government entity 2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2. 3.Analyze the methods used by the selected local government entity in comparing...

Words: 6670 - Pages: 27