CAFR Finance Assingment Help With Solution
General and Special Revenue Funds
Regardless of the type of organization, the main purpose of analyzing financial data presented in the Applications is to provide a snapshot of the present financial status of an organization. Financial statement analysis can provide information on the financial trends, performance, and potential financial risks of an organization. This information is invaluable for all current and potential stakeholders, internal as well as external, as it allows them to make informed decisions regarding the future of the organization.
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In this week’s Application, analyze financial data of a fictional government organization, Ima County. Financial statements for governments focus on where the money goes and which fund it comes from. These financial statements include detailed information on the revenues, expenditures, and changes of the organization’s individual funds during the fiscal year. Thus, the financial statement you create must include revenues, expenditures, and changes in fund balances. In addition, you need to create a final balance sheet and closing entries document. A final balance sheet provides a current view of the organization’s financial state. Closing entries are notations made on temporary accounts to create a zero balance for a new accounting period.
Download and analyze the Ima County financial data. When you have completed your review of the data, create the following and submit your work in a single Word document:
Statement of Revenues, Expenditures, and Changes in Fund Balance for Ima County’s Special Revenue Fund for fiscal year ended 2010
Balance sheet at year ended 2010 for Ima County’s Special Revenue Fund
Closing entries for fiscal year ended 2010
Search the Internet to access the Comprehensive Annual Financial Report (CAFR) of an actual county and view the Statement of Revenues, Expenditures, and Changes in Fund Balance. Write a brief analysis (150–300 words) of the similarities and differences of the county’s statement with the one you created for this Application. Include any other matters that might come to your attention as you compare the statements, such as formats and accounts that are unfamiliar.
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