Sunday, May 17, 2020
Comprehensive Annual Financial Report - Free Essay Example
Sample details Pages: 5 Words: 1351 Downloads: 10 Date added: 2017/09/22 Category Advertising Essay Type Narrative essay Did you like this example? Comprehensive Annual Financial Report Tyies Wells ACC/548 June 27, 2010 William J. Carter III, MSA Comprehensive Annual Financial Report The Office of Financial Management provides vital information, fiscal services and policy support that the Governor, Legislature and state agencies need to serve the people of Washington State (Investopedia, 2010). Included in this briefing, a comparison of the governmental and for-profit financial accounting will be discussed, an understanding of the government reporting and reporting entity, and an overview of the Management Discussion Analysis report for the state of Washington. The Comprehensive Annual Financial Report (CAFR) requires statistical evaluation, whereas for-profit accounting does not. A government budget document is a blueprint for a specific grouping of government agencies spending over the course of an annual financial period. The major differences between governments and for-profit financial accounting are they have d ifferent purposes, processes of generating revenues, stakeholders, budgetary obligations, and propensity for longevity. These differences require separate accounting and financial reporting standards in order to provide information to meet the needs of stakeholders to assess government accountability and to make political, social, and economic decisions (FASB, 2010). A reporting entity is any unit or activity that uses resources to provide goods or services. A reporting entity is an organization that is obliged to prepare general purpose financial reports (PSAB, 2010). The government uses the CAFR along with a budget document to compare the total financial standing to the general purpose annual budget with every thing else. The CAFR shows the total of all financial accounting the basic general purpose budget reports do not and should not be confused with any rainy day funds that are but one of many investment accounts included in government budgetary reports and process. In No vember 2007, Washington State voters ratified Engrossed Substitute Senate Joint Resolution 8206, amending the state’s Constitution and establishing the Budget Stabilization Account (BSA). On July 1, 2008, the balance in the Emergency Reserve Fund of $303 million was transferred to the newly created BSA. An additional $115 million was transferred from the General Fund to the BSA in Fiscal Year 2009 in accordance with the provisions of the Constitution. The Constitution details a limited number of circumstances under which funds can be appropriated from the BSA, one of which is a favorable vote of at least three-fifths of the members of each house of the Legislature (State of Washington, CAFR, 2009). The Management Discussion and Analysis section of the CAFR provides an overview of the previous year of operations and how the company fared in that time period. Management will usually also touch on the upcoming year, outlining future goals and approaches to new projects (In vestopedia, 2010). The state of Washington’s MDA offers a narrative overview and analysis of the financial activities for the fiscal year ended June 30, 2009. The information is presented in conjunction with the information include in the letter of transmittal and with the state’s financial statements. The three components discussed in the MDA includes: 1: government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the state of Washington’s finances. The concept of government wide reporting is the most dramatic change in the new approach. This is a significant move because, until now, government followed only the modified-accrual basis of accounting. The change is important to potential lenders and taxpayers because of the need to capitalize and depreciate general capital assets or infrastructure. Information conc erning infrastructure will include the cost and anticipated life of roads, bridges, sewer and water systems and other capital assets. Since state and local governments invest $1 out of every $10 dollars ($140 billion to $150 billion annually) in the construction, improvement, and rehabilitation of capital assets, that information should be very interesting to local taxpayers (Business Encyclopedia, 2010). The government-wide financial statement includes: †¢ Statement of Net Assets – Information on all of the state of Washington’s assets and liabilities, with the differences between the two reported as net assets. Statement of Activities – Information showing how the state’s net assets changed during the most recent fiscal year. The fund financial statement is a group of accounts used to maintain control over resources that are segregated for specific activities or objectives. The state of Washington uses fund accounting to ensure and demonstrate c ompliance with finance-related legal requirements. The state uses 649 accounts that are combined into 54 rollup funds. The state presents separate financial statements for governmental funds, proprietary funds, and fiduciary funds. Major individual governmental funds and major individual proprietary funds are reported in separate columns in the fund financial statements, with nonmajor funds being combined into a single column regardless of fund type. Internal service and fiduciary funds are reported by fund type (State of Washington, CAFR, 2010). Some of the major funds that are supported by the state of Washington are: †¢ General Fund †¢ Higher Education Special Revenue Fund †¢ Higher Education Endowment Permanent Fund †¢ Workers’ Compensation Fund †¢ Unemployment Compensation Fund †¢ Higher Education Student Services Fund The notes to the financial statements provide additional that is essential to a full understanding of the data provide d in the government-wide and fund financial statements. The Constitution details a limited number of circumstances under which funds can be appropriated from the BSA, one of which is a favorable vote of at least three-fifths of the members of each house of the Legislature (State of Washington, CAFR, 2010). In the government-wide and proprietary fund financial statements, long-term obligations of the state are reported as liabilities on the Statement of Net Assets. Bonds payable are reported net of applicable original issuance premium or discount. When material, bond premiums, discounts, and issue costs are deferred and amortized over the life of the bonds. Conclusion While a budget might indicate that a specific government or agency has financial trouble and debt because of excess spending or mismanagement within the select grouping of general fund accounts presented, the CAFR may indicate, in whole, the same government entity, has many facets possessing large holdings considerab ly over what is shown in a budget report. References Business Encyclopedia. (2010). Government Financial Reporting. Retrieved from https://www. answers. com/topic/government-financial-reporting Financial Accounting Standards Board. (2010). Why Governmental Accounting and Financial Reporting is-and should be-Different. Retrieved from https://www. gasb. org/white_paper_full. pdf Investopedia. (2010). Management Discussion and Analysis – MDA. Retrieved from https://www. investopedia. com/terms/m/mdanalysis. asp Public Sector Accounting Board. (2010). About the Government Reporting Entity. Retrieved from https://www. psab-ccsp. ca/item14956. pdf Washington State Office of Financial Management. (2010). Comprehensive Annual Financial Report. Retrieved from https://www. ofm. wa. gov/cafr/2009/CAFR09. pdf Comprehensive Annual Financial Report Briefing |Content |Points Available |Points Earned | |60% |4. 8 |3. | |Overview clearly and effectively demonstrates the following: | | | |†¢Ã‚        Differences in governmental accounting and for-profit | | | |financial accounting | | | |†¢Ã‚        An understanding of the government reporting and reporting | | | |entity | | | |†¢Ã‚        An assessment of the Management Discussion Analysis | | | |reporting unit (MDA). | | |Organization/Development |Points Available |Points Earned | |20% |1. 6 |1. 4 | |†¢Ã‚      Overview is at least 1,050 and no more than 1,400 words in | | | |length. | | | |†¢Ã‚       Overview contains sufficient background on the selected | | | |organization and previews major points. | | |†¢Ã‚       Overview is logical, flows, and reviews the major points, for | | | |example | | | | | | | |             Major Revenues | | | |- Major Debts | | | |- Risk Management | | | |Mechanics |Points Ava ilable |Points Earned | |20% |1. 6 |1. 6 | |†¢Ã‚       Formatting or layout and graphics are pleasing to the eye (font,| | | |colors, and spacing). | | |†¢Ã‚       Rules of grammar, usage, and punctuation are followed, and | | | |spelling is correct. | | | |†¢Ã‚        APA guidelines are followed. | | | | |Total Available |Total Earned | | |8 | 6. 8 | Instructor Comments Content – One of the requirements for content was comparing and contrasting government entities, not for profits, and businesses. I would have liked to see more details in this regard. There was a limited amount of information detailing the differences. I would have like to see the board members referenced so we know who the audience is. You did a good job assessing the MDA of Washington State. Organization/Development – Organization and development was good. I would have like to have seen more specifics i n terms of revenue, expenditures and any major issues for the state of Washington. There were no detailed numbers to give an understanding of the financial health of the state. Mechanics – Your mechanics were great, no problems here. Don’t waste time! Our writers will create an original "Comprehensive Annual Financial Report" essay for you Create order
Wednesday, May 6, 2020
Dna Editing System For A Type II Crispr System Mechanism
CRISPR/Cas9 DNA editing system is a prokaryotic immune system that becomes resistant to foreign genetics such as plasmids. CRISPR stands for Clustered Regularly-Interspaced Short Palindromic Repeats, which are prokaryotic DNA strands that have a short repetition base sequence. Cas9 is a nuclease enzyme that is used to cut into DNA strands that are associated with CRISPR type II. CRISPR/Cas9 system has several advantages when using this technology in the biological and biomedical sciences. It also has a few disadvantages that cause concerns when using this system in the medicine field. However, before all of this can be discussed, a depth of what CRISPR/Cas9 is and where it comes from and why is it important to the biology field. There are many highly diverse Cas (CRISPR associated) proteins but only one that is mainly used, which is Cas9.1 Which Cas9 derivative is found on the gRNA that contains plasmid, which are associated with CRISPRs type II in the bacterial immune system. Cas9 is an important asset to a type II CRISPR system mechanism that is required for gene silencing. Cas9 protein engages in the processing of crRNA and is also responsible for eliminating the target DNA in the type II CRISPR system.1 Cas9 function as an RNA guide for the DNA endonuclease enzyme that is involved with CRISPR adaptive immune system. CRISPRs is a DNA direct repeats found in many prokaryotic genomes, that have four CRISPR-associated protein families.12 Cas1 through Cas4 occur near aShow MoreRelatedThe And Viruses And Their Biological Function Essay1527 Words  | 7 PagesCRISPR loci are first identified in archaea and bacteria when they systematically drew attention from scientists with their biological function to fight phages and viruses (Hsu, Lander, Zhang, 2014). Structurally, a clustered set of Cas (CRISPR-associated) genes and a unique CRISPR array constitute the CRISPR loci. 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First Act of Death of a Salesman Essay Example For Students
First Act of Death of a Salesman Essay How and what do we learn about Willys Character and Beliefs from the First Act of Death of a Salesman? In Act one of the play Miller begins with a dialogue between the main character Willy and his wife Linda. Willy is a travelling salesman and the reader learns that he is having trouble with his mind as it drifts from the past (memory) to the present (reality). Throughout the first act Miller begins to reveal Willys character and beliefs. The reader learns that Willy is an unsuccessful salesman; he believes that the key to success Is not what you know but who you know. From the opening scene Miller presents the reader with Willys first problem, we are told that while Willy was driving and admiring the scenery his car veered off the side of the road. Linda thinks the problem is with the car, however, Willy disagrees he says I absolutely forgot I was driving .I have such thoughts, I have such strange thoughts. This shows that Willy himself was abnormal. During Willys first flash back when Biff and Happy were children, we learn about Willys character with his eldest son, Biff. We find out that Biff is Willys favourite son as he is a star athlete, popular with the girls and well liked. Being well liked is an important part of Willys character. He believes that being liked, leads to success. Although Willy encourages success, he fails to provide his boys with morality. This can be seen when Biff steals a football from the school and Willy says Sure, hes gotta practise with a regulation ball, doesnt he? Coachll probably congratulate you on your initiative! Willy encourages his boys to steal building supplies from a building site so that he could build a new stoop and doesnt seem to care if they get caught. He even brags about what they steal, You shoulda seen the lumber they brought home last week. At least a dozen six-by-tens worth all kinds a money. He is proud of their theft. This encourages their deviant behaviour. It becomes apparent within Act 1, that Willys character is both immoral and dishonest. Dishonesty is common throughout the Death of a Salesman. Willy lies to Biff, Happy and Linda. The dishonesty begins at the start of the play when Willy tells Linda the reason he came home was because he couldnt drive any more. However, we later find out that the truth is because he almost ran over a child in Yonkers and it scared him. Willy also lies to his boys about having coffee with the Mayor of Providence and he claims, I can park my car in any street in New England and the cops protect it like their own. But we later find out that Willys lies cover up his lack of confidence. He later admits to Linda that people in New England appear to laugh at him. Finally, Willy lies about the amount he is selling. One minute he states his is making $1,200 and then the next he admits the truth, that he only made $120. The reason why Willy is dishonest to his boys and Linda is because he wants to impress them and not appear as a failure to them. Lying is his method of hiding what he sees as his inadequacies. Willys immorality is evident in the disclosure by Miller of his mistress
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