Criteria

What Requirement is Asking---

1a. Compare and contrast the Comprehensive Annual Financial Report (CAFR) of the Winston-Salem, NC with the report from the Week 1 homework (Cary, NC) In your comparison, include the publication method of the CAFR.

Weight: 5% This question is asking you for the publication method (that is, how is it published) for the town of Winston-Salem, NC compared to the town of Cary, NC.

What is the method/methods?

Are they the same for both or how are they different?

5.5 points

1b. Compare and contrast the Comprehensive Annual Financial Report (CAFR) of Winston-Salem, NC with the report from the Week 1 homework (Cary, NC). In your comparison, include audit and budget information in the CAFR. Weight: 5% The question is asking for the audit and budget information for the town of Winston-Salem, NC compared to Cary, NC. Examples---

How do their budgets compare?

What type of budgets? Object, performance, etc.?

How do their budget variances compare?

Were they both audited by public accounting firms?

5.5 points

1c. Compare and contrast the Comprehensive Annual Financial Report (CAFR) of Winston-Salem with the report from the Week 1 homework. (Cary, NC) In your comparison, include the type of audit report issued. Weight: 5% This question is asking what type of audit report was issued for Winston-Salem, NC and what type of audit report was issued for Cary, NC.

5.5 points

1d. Compare and contrast the Comprehensive Annual Financial Report (CAFR) of Winston- Salem, NC with the report from the Week 1 homework. (Cary, NC) In your comparison, include the existence or nonexistence of an internal audit function within the government entity. Weight: 5% This question is asking if the town of Winston-Salem, NC has an internal audit function and if the town of Cary, NC has an internal audit function. Note: an internal audit function is not the same as internal controls.

5.5 points

2. Prepare the analysis for Winston-Salem, including information on the introduction, financial section, and statistical section prepared in the CAFR from Chapter 2. Weight: 20% This question is asking you to answer all the questions for the Chapter 2 Continuing problem for the town of Winston-Salem, NC. Those questions are found on pages 82-83 of the textbook.

22 points

3. Analyze the methods used by Winston-Salem, NC 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. Weight: 20% This question has two parts. First you are to analyze the methods used to prepare the budget to actuals For example,

Which financial statements do they present these comparisons for?

Do they compare to original budget or year-end amended budget?

Are the variances positive or negative?

What does this indicate for the town of Winston-Salem?

22 points

4a. Analyze the sources of revenue for Winston-Salem. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine property taxes and how they are accounted for. Weight: 5% Question is asking for the sources of revenue for Winston-Salem, NC for both governmental activities and business-type activities. It is the first of six questions about sources of revenue. This one is about property taxes and how they are accounted for. For example,

What percentage of revenues are from property taxes?

Property tax rate statistics rate, per capita, etc.

Are they accounted for on the cash basis, modified accrual basis, or accrual basis? Explain what that means for Winston-Salem.

5.5 points

4b. Analyze the sources of revenue for 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 other sources identified as primary revenue for the entity. Weight: 5% This is the second question about sources of revenue for Winston-Salem, NC for both governmental and business-type activities. It is asking you to identify other sources of revenue (other than property taxes) for Winston-Salem and to determine if any of these sources are primary revenue sources for Winston-Salem.

5.5 points

4c. Analyze the sources of revenue for Winston-Salem. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine deferred revenue. Weight: 5% This the third question and it ask you about deferred revenue. Does Winston-Salem have any? If so, what is it from? This analysis should include both governmental activities and business-type activities. How does the financial statement reader know about it?

5.5 points

4d. Analyze the sources of revenue for Winston-Salem. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine year-to-year variations in the tax levels of income. Weight: 5% This is the fourth question and it ask you to examine the year-to-year variations in the tax levels of income. Hint: You can find this information in the statistical section.

5.5 points

4e. Analyze the sources of revenue for Winston-Salem, NC. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine various management discussion and analysis items of note. Weight: 5% This is the fifth question and it asks you for the information provided in the management discussion and analysis about the sources of revenue (for both governmental and business-type activities) for the town of Winston-Salem, NC.

5.5 points

4f. Analyze the sources of revenue for Winston-Salem. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine information about the general fund. Weight: 5% This is the sixth question and it ask you for information about the general fund. Remember, these questions are talking about the sources of revenue for Winston-Salem, NC. For example,

What are the sources of revenue for the General Fund?

How much (percentage) comes from property taxes? Sales taxes? Etc.

5.5 points

5. Clarity, writing mechanics, and formatting requirements. Weight: 10% Run your paper through a grammar checker, like Grammarly to correct spelling errors, typos and grammatical errors.

11 points

Assignment 1 Requirements Explained.pdf

please,I need it soon,if you have question please let me know ,thank you for your respond.