ACCT420-1304B-01 Government & Not for Profit Accounting

Key Assignment Draft

Review the Comprehensive Annual Financial Report (CARF) for 2009 from the city of Cedar Rapids, Iowa, and answer the following questions.

• Explain how Cedar Rapids follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow.
• Read the management discussion and analysis (MD&A) section and describe 2 or more significant areas that were addressed by management.
• From the notes of the financial statements, describe which accounting policies are being utilized by the city.
• What did you discover in the statistical section?
  • How is the city doing?
  • Provide an analysis.

  • Examine the funds listed under the budget on page 67 and discuss how they are being utilized by Cedar Rapids. Include some examples of items that would be included in these funds and any restrictions that might apply.

  • By looking at the 2012 budget that is located in the government index on the far left of the page, choose 2 different funds and discuss how they are being utilized by Cedar Rapids. Include some examples of items that would be included in these funds and any restrictions that might apply.

• Define and give examples of the infrastructure assets that are held by Cedar Rapids.
• Describe the circumstances, and provide the journal entries for the 2 entries that are going in to the general fund.
  • For example, 1 entry goes into the debt service fund and 1 goes into the capital projects fund.

Please submit your assignment.

Reference

Comprehensive annual financial report (CARF). (2010). Retrieved from http://www.cedar-rapids.org/government/departments/finance/finaccialreportinginformation/pages/fy10cafr.aspx