Accounting

Topics: Financial statements, Balance sheet, Generally Accepted Accounting Principles Pages: 3 (852 words) Published: September 20, 2012
Jeffrey Taylor
1) What are three main sections of the report?
The Introductory, the Financial and the Statistical Sections (table of contents) 2) Review the Introductory Section of the CAFR
a) Was the entity’s annual report of the previous year awarded a “certificate of achievement for excellence in financial reporting” by the Government Finance Officers Association? What is the significance of this award? Yes, it is significant because it is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. (Page 13) b) What are the key issues addressed in the letter of transmittal? Major initiatives in the city of Charlotte are General Government, Water and Sewer, Aviation, Charlotte area transit system, and Storm water. (Pages 1-12) 3) Review the Financial Section

c) Did the entity receive an “unqualified” audit opinion? If not, why not? The entry received an unqualified audit opinion. (Page 15)
d) Does the report contain management’s discussion and analysis (MD&A)? If so, what are the key issues addressed? Yes, key issues are the Overview of the Financial Statements, Financial analysis of the City as a Whole, Financial Analysis of the City’s Funds, General Fund Budgetary Highlights, Capital Asset and Debt Administration, and Economic Factors and Next Year’s Budgets and Rates. (Pages 17-29) e) Does the report provide a reconciliation between total governmental net assets per the government-wide statement of net asset and total governmental fund balances per the governmental funds balance sheet? If so, what are the main reconciling items? Yes, total fund balance for governmental funds $618,589; Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds $5,886,686;Long-term liabilities are not due and payable in the current...
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