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ACC 548 Week 1 Comprehensive Annual Financial Report Briefing
Select a government entity of your choice. It can be a state, county, city,
town, school district, or any other government entity. Preferably select
one in which you have a vested interest, such as where you live, work or
send your kids to school.
Obtain the Comprehensive Annual Financial Report (CAFR) for the
entity you selected. You should be able to find the CAFR on the web
site for the government entity. If not, contract the entity for a
copy. Note: this CAFR will be used for many activities throughout
the course.
Scenario for this week: You are working as an accountant for the
government entity you selected above. You have newly elected board
members who are businesspeople from the community. These are
highly successful and intelligent business people who know and
appreciate private sector financial accounting. However, they know
very little about government accounting.
Prepare a MS PowerPoint ® presentation for the new Board
members. The presentation should be between 12 to 15 slides and
include the following:
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Description of the purpose of government accounting and financial
reporting.
Comparison of private sector financial accounting with accounting
for government and not-for-profit organizations
An overview and contrasting of government funds, propriety funds,
and fiduciary funds. Include a list of the different funds within
those categories and a brief explanation as to when and how these
funds are used.