Question :
Choose a local government in your state and evaluation the financial statements and audit report for the county or municipality. The financial statements of the government chosen should have at least three funds.
Write a three to four page paper in which you:
Analyze the technique of accounting used for the common fund and all other funds in existence by the government. Determine the reasoning for the use of the technique of accounting for each of the funds as needed by GAASB.
Assess the compliance and application of GASB Statement 34, Basic Financial Statements and Management Analysis and Decisions for State and Local Governments to each of the funds.
Determine management's discussion and analysis (MD&A). In your evaluation, analyze the important information in the MD&A and how the information contributed to the clarity of the financial statements. From your analysis of financial statements, check and analyze information that could be included in the statements.
Evaluate whether the entity's financial position improved or deteriorated through the reporting period. Speculate on the causes from your review of the financial statements.
Determine the financial reporting of state and local governments and assess the reporting needs in accordance with governmental accounting standards board (GASB).
Use information resources and technology to research issues in government and not-for-profit accounting.
Write concisely and clearly about government and not-for-profit accounting using proper writing mechanics