The finance or accounting director has asked you to report on the funds and financial status of your government entity (pretend he or she is your boss). Your boss will present the information to various users, so current and future decisions can be determined about your government entity.
Using your CAFR, respond to the following:
Compare private sector financial accounting with accounting for government and not-for-profit organizations.
Describe the purpose of government accounting and financial reporting.
What types of funds are listed on the fund financial statements from the CAFR?
How are the fund balances reported?
Did the general fund show an increase or decrease in the fund balance? What does this mean?
What are the primary financial statements issued for the funds? What about total government activities?
Which statement shows whether your entity is financially better or worse for the year?
Why is there a reconciliation required between the fund financial statements and government wide statements?
Is there a budget to actually schedule in the CAFR? What basis did your entity use to prepare the budget? Are there any limitations of the budget to actual comparisons?