The CAFR requires statistical evaluation, whereas for profit accounting does not. Governmental accounting is governed by budgets for specific agencies for an annual financial period. For-profit entities are governed by the economic market. Governmental and for-profit entities have different purposes and process to generated and account for revenue. “The differences separate accounting and financial reporting standards in order to provide information to meet the needs of the stakeholders to assess government accountability to make political, social, and economic decisions” (GASB,
What is the relationship between an operating and a cash budget? Why is it important for an organization to prepare a cash budget? According to "Cliffnotes.com" (2012), “The cash budget is prepared after the operating budgets (sales, manufacturing expenses or merchandise purchases, selling expenses, and general and administrative expenses) and the capital expenditures budget are prepared. The cash budget starts with the beginning cash balance to which is added the cash inflows to get cash available. Cash outflows for the period are then subtracted
For this assignment, use the CAFR your team selected in Week Two. Discussion Questions DQ 1 What is a performance audit? In what significant ways do performance audits differ from financial audits? DQ 2 How do audits of governmental agencies differ from those of not-for-profit entities? How are these audits different from those of organizations that operate for profit?
ENG 215 – English Composition Class Adjunct Professor Dr. Rachel De Luise Assignment # 1 Research Topics with Explanation Submitted by April 17th, 2012 1. Explain the reason for selecting topic one, identify the audience, and provide a preliminary thesis statement. Should taxes on people making over $250,000 a year be changed? Nowadays, income tax gives the strong influence to the improvement of every country. Controlling the tax in the suitable law may give a lot of national benefit.
(Use the table below to answer your question). Issues (Case facts) | Financial Reporting Risk | Pervasive, or Account and Assertion | Issues related to Entity and its Environmenta) YAG is currently facing a dispute with heirs of its largest benefactorb)No amount for donation of mansion and art collection by Mr. Beaver has been recorded by YAG. Also the bequest of shares to YAG has not been included in the financial statements c) YAG does not keep track of its donated gifts i.e. donated food and wine, art supplies | a) No financial reporting risk b) Assets are understated, therefore financial statements will be materially misstated c) Assets are understated, there is also a possible misappropriation of assets as they are never recorded | a) This is pervasive as it is a going concern issueb) -property - all donated property that can be reasonably estimated should be recorded (Completeness)-assets and equity are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded (Valuation and allocation)c)Property - all donated property that can be reasonably estimated should be recorded (Completeness) | Issues related to Internal Controla) Member volunteers run a small gift shop. There is no staff who overlooks this aspect of the NFP organizationb) Lack of segregation of duties.
IF YOU, THE STUDENT, FILED TAXES FOR 2011-Check the box that applies to you: I, the student, have used the IRS Data Retrieval Tool in FAFSA on the Web to transfer my (and, if married, my spouse’s) 2011 IRS income information into my FAFSA, either on the initial FAFSA or when making a correction to the FAFSA. *FKCC will use the transferred information for verification. I, the student, have not yet used the IRS Data Retrieval Tool, but I will use the tool to transfer my (and, if married, my spouse’s) 2011 IRS income information into my FAFSA once I have filed my 2011 IRS tax return. *FKCC cannot complete the verification process until the IRS information has been transferred into the FAFSA. I, the student, am unable or choose not to use the IRS Data Retrieval Tool in FAFSA on the Web, and I will submit to the school 2011 IRS tax return transcript(s)—not photocopies of the income tax return.
Section 404 of the Sarbanes-Oxley Act directs the SEC to adopt rules requiring annual reports of companies with publicly traded securities, other than registered investment companies, to disclose management’s assessment of the effectiveness of the company’s ICFR and an auditor’s independent attestation to the effectiveness of those internal controls. These rules were adopted by the Commission on May 27, 2003. The act gave large filers that are traded publicly till the end of the fiscal year in 2004 to become compliant. Internal controls are in place to require reporting of financial reports to be analyzed and audited. Companies are also hiring internal personnel to ensure accuracy and high ethical standards are being followed.
They use assumptions to estimate the amount of the benefits that employees earn while working as well as the present value of the benefits. At the end of 2007, PepsiCo reported pension expenses of $256 million in the U.S. plans. (2) Calculate the relevant rates that were used by Coca-Cola and PepsiCo in computing their pension amounts. The components of the net periodic benefit costs for the Coca-Cola Company are: Service Cost $123(in millions) Interest Cost
The seal should not be placed over signatures or over any printed matter on the document. An illegible or improperly placed seal may result in rejection of the document for recordation and result in inconveniences and extra expenses for all those involved. The law allows a limited exception when a notary public may authenticate an official
The money raised from these taxes primarily goes to the Social Security program for those who have reached retirement age or are otherwise currently eligible. TANF provides temporary welfare for those in need for a maximum of 60 months while aiming to get people off the assistance, primarily through employment. Each of these programs does well at providing for those in need, that’s not the problem. The problem is how the programs are funded. According to nationalpriorities.org, the federal government raises trillions of dollars in tax revenue each year so the government is able to support specific government welfare programs.