A.Compare and contrast the Balance Sheet of Colgate-Palmolive with the Balance Sheet of the City of Dallas Governmental-Type Funds for 2018 (25 marks).

B.Compare and contrast the Income statement of Colgate-Palmolive with the City of Dallas Statements of Revenue, Expenditures and Changes in Fund Balances for 2018 (25 marks).

Note:

This is a descriptive financial analysis; no data analysis is required. This question requires us to compare and contrast a governmental fund balance sheet and Statements of revenue, expenditures and changes in fund balance with the business equivalents in the for-profit sector.

Note from Professor:

This is where you need to spend some time. First, you need to show 2-3 three similarities in the overall financial statements of the two types of organizations. Second, you need to provide about 5-7 differences between the financial statements of both organizations.

I expect that you will discuss the standards that support their financial statements and how their stakeholders are similar or different and their respective expectations regarding the financial statements. I'm looking to see how you relate the structure and elements of these financial statements to the stakeholder expectations.Put differently, you must discuss the motivations behinds these financial statements.

Overall, Ilook for a discussion around: a) the fact that Colgate and Dallas city stakeholders have different interests or motives or goals - profits vs services. You could describe this as the differences in goals or objectives. b) Based on this difference in interests, the financial reports are structured or constructed to meet this interest(s); c) What is the nature of accounting used (Accrual vs Modified Accounting/Cash); d) How about the nature, structure and components of Financial reports produced (Audited CAFR vs Audited Annual Report); e) How about the relevance or validity or otherwise of the type of accounting used? f) Who are the stakeholders of both Colgate and Dallas City - how do they differ in their expectations and tolerance of profit or service quality and performance.