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A1.1 Twatt - C hapter 1 Tiffany Watt Assignment A1.1 AC 325...

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Chapter 1 Tiffany Watt Assignment: A1.1 January 24, 2011 AC 325 – E01 Examine the CAFR. 1-1a. Assuming the government follows GASBS 34 , compare the information in the letter of transmittal with that in the management discussion & analysis (MD&A). The transmittal letter only identifies the governmental reporting entity, which is the city of Minneapolis, and the users/purpose of the report, such as the mayor, city council, city staffer, citizens, bond holders, and others. The management discussion and analysis (MD&A) provides more in-depth information about the city’s financial condition. It discusses the city’s financial highlights. For example, the city’s assets exceeded liabilities by $883,334 at the close of 2006. Also, there was a $58,075 increase in total net assets and the unreserved fund balance for the general fund was $52,641. An overview of the financial statements is also discussed within the MD&A. In addition, among other topics, the future budget and rates, economic factors, and a financial analysis of the city’s funds are also discussed.
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