Comprehensive Annual Financial Report Briefing

Comprehensive annual Financial Report Briefing
ACC/548
July 30, 2012
Michael Teneyck

Comprehensive Annual Financial Report Briefing
This outline will provide an overview of disposal activity accounting for the newly elected board members of the city of Houston. much specifically it will provide a comparison of government accounting versus for- get ahead financial accounting, give a description of the City of Houston reporting entity, and evaluate the Management Discussion and Analysis voice within the Comprehensive Annual Financial Report (CAFR). This brief will reference the finding from the CAFR for the fiscal year end June 30, 2011.
Government versus For-Profit Accounting
There are several differences that exist between governmental accounting and for-profit financial accounting. One of the biggest differences is the organizational target or mission. A for-profit business main objective is to video display a profit and focus on wealth creation. This role of entitys mission is to generate a financial rejoinder on investment for its shareholder. The mission of a government is to recitation its resources to maintain or improve the well-being of its citizens by providing common go and basically breaking break even.



Profit is frowned upon; a surplus of resources may indicate poor quality services or under-utilization of resources that correlates to resources mismanagement (Granof &Wardlow, 2011).
Another difference is the procedure of financial statements and budgets. A for-profit business prepares financial statements that give a snapshot of the business financial stability. The annual financial statements are the most significant documents of a for-profit business because they provide primary(prenominal) information used by decision makers like investors, creditors, and suppliers. The profit margin is normally the biggest indicator of the business financial health. A for-profit business uses its budget for internal purposes and as a ingest to drive its desired results. A...If you want to get a practiced essay, order it on our website: Orderessay



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