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Criteria
What Requirement is Asking---
1a. Compare and contrast the Comprehensive Annual
Financial Report (CAFR) of the Winston-Salem, NC with the report
from the Week 1 homework (Cary, NC) In your comparison, include the
publication method of the CAFR.
Weight: 5%
This question is asking you for the publication method (that is,
how is it published) for the town of Winston-Salem, NC compared to
the town of Cary, NC.
What is the method/methods?
Are they the same for both or how are they
different?
5.5 points
1b. Compare and contrast the Comprehensive Annual Financial Report
(CAFR) of Winston-Salem, NC with the report from the Week 1
homework (Cary, NC). In your comparison, include audit and budget
information in the CAFR.
Weight: 5%
The question is asking for the audit and budget information for the
town of Winston-Salem, NC compared to Cary, NC. Examples---
How do their budgets compare?
What type of budgets? Object, performance,
etc.?
How do their budget variances compare?
Were they both audited by public accounting
firms?
5.5 points
1c. Compare and contrast the Comprehensive Annual Financial Report
(CAFR) of Winston-Salem with the report from the Week 1 homework.
(Cary, NC) In your comparison, include the type of audit report
issued.
Weight: 5%
This question is asking what type of audit report was issued for
Winston-Salem, NC and what type of audit report was issued for
Cary, NC.
5.5 points
1d. Compare and contrast the Comprehensive Annual Financial Report
(CAFR) of Winston- Salem, NC with the report from the Week 1
homework. (Cary, NC) In your comparison, include the existence or
nonexistence of an internal audit function within the government
entity.
Weight: 5%
This question is asking if the town of Winston-Salem, NC has an
internal audit function and if the town of Cary, NC has an internal
audit function. Note: an internal audit function is not the same as
internal controls.
5.5 points
2. Prepare the analysis for Winston-Salem, including information on
the introduction, financial section, and statistical section
prepared in the CAFR from Chapter 2.
Weight: 20%
This question is asking you to answer all the questions for the
Chapter 2 Continuing problem for the town of Winston-Salem, NC.
Those questions are found on pages 82-83 of the textbook.
22 points
3. Analyze the methods used by Winston-Salem, NC in comparing the
budget-to-actual reports. Your analysis should include an
evaluation of the basis of accounting used for the budget and
financial statements.
Weight: 20%
This question has two parts. First you are to analyze the methods
used to prepare the budget to actuals – For example,
Which financial statements do they present these
comparisons for?
Do they compare to original budget or year-end amended
budget?
Are the variances positive or negative?
What does this indicate for the town of
Winston-Salem?
22 points
4a. Analyze the sources of revenue for Winston-Salem. Your analysis
should include information on both governmental and business-type
activities of the government. In your report, be sure to examine
property taxes and how they are accounted for.
Weight: 5%
Question is asking for the sources of revenue for Winston-Salem, NC
for both governmental activities and business-type activities. It
is the first of six questions about sources of revenue. This
one is about property taxes and how they are accounted for. For
example,
What percentage of revenues are from property
taxes?
Property tax rate statistics – rate, per capita,
etc.
Are they accounted for on the cash basis, modified
accrual basis, or accrual basis? Explain what that means for
Winston-Salem.
5.5 points
4b. Analyze the sources of revenue for the selected local
government. Your analysis should include information on both
governmental and business-type activities of the government. In
your report, be sure to examine other sources identified as primary
revenue for the entity.
Weight: 5%
This is the second question about sources of revenue for
Winston-Salem, NC for both governmental and business-type
activities. It is asking you to identify other sources of revenue
(other than property taxes) for Winston-Salem and to determine if
any of these sources are primary revenue sources for
Winston-Salem.
5.5 points
4c. Analyze the sources of revenue for Winston-Salem. Your analysis
should include information on both governmental and business-type
activities of the government. In your report, be sure to examine
deferred revenue.
Weight: 5%
This the third question and it ask you about deferred
revenue. Does Winston-Salem have any? If so, what is it from? This
analysis should include both governmental activities and
business-type activities. How does the financial statement reader
know about it?
5.5 points
4d. Analyze the sources of revenue for Winston-Salem. Your analysis
should include information on both governmental and business-type
activities of the government. In your report, be sure to examine
year-to-year variations in the tax levels of income.
Weight: 5%
This is the fourth question and it ask you to examine the
year-to-year variations in the tax levels of income. Hint: You can
find this information in the statistical section.
5.5 points
4e. Analyze the sources of revenue for Winston-Salem, NC. Your
analysis should include information on both governmental and
business-type activities of the government. In your report, be sure
to examine various management discussion and analysis items of
note.
Weight: 5%
This is the fifth question and it asks you for the
information provided in the management discussion and analysis
about the sources of revenue (for both governmental and
business-type activities) for the town of Winston-Salem, NC.
5.5 points
4f. Analyze the sources of revenue for Winston-Salem. Your analysis
should include information on both governmental and business-type
activities of the government. In your report, be sure to examine
information about the general fund.
Weight: 5%
This is the sixth question and it ask you for information
about the general fund. Remember, these questions are talking about
the sources of revenue for Winston-Salem, NC. For example,
What are the sources of revenue for the General
Fund?
How much (percentage) comes from property taxes? Sales
taxes? Etc.
5.5 points
5. Clarity, writing mechanics, and formatting requirements.
Weight: 10%
Run your paper through a grammar checker, like Grammarly to correct
spelling errors, typos and grammatical errors.
11 points
Assignment 1 Requirements Explained.pdf
please,I need it soon,if you have question please let me know ,thank you for your respond.
In: Accounting