GASB (Governmental Accounting Standards Board)| AccountingTransweb Global Inc
Government Accounting Standard Board (GASB) is the independent and non-political organization that is Definition of GASBestablished to improve and create accounting and reporting related standards or Generally Accounting Accepted Principles (GAAP) for local and state government of the United States. Copy the link given below and paste it in new browser window to get more information on GASB (Governmental Accounting Standards Board):- www.transtutors.com/homework-help/accounting/gasb.aspx
THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
GASB (Governmental Accounting Standards Board)| AccountingTransweb Global Inc
Government Accounting Standard Board (GASB) is the independent and non-political organization that is Definition of GASBestablished to improve and create accounting and reporting related standards or Generally Accounting Accepted Principles (GAAP) for local and state government of the United States. Copy the link given below and paste it in new browser window to get more information on GASB (Governmental Accounting Standards Board):- www.transtutors.com/homework-help/accounting/gasb.aspx
THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
Basics of cash management for financial management & reportingSoaga Hameed Gbola
This paper examines the basics of cash management for financial management and financial reporting purposes. This study makes use of descriptive research method to examine the importance, essence, influence, relationship, and impact of cash management on financial management and financial reporting. It establishes the strong impact of cash management on corporate survival, linkage to practically every account on financial report, maximisation of shareholders’ wealth, fraud prevention and detection, and liquidity enrichment. It also ascertains the need for the use of net cash flows as a measure of performance. Organisations should give cash management serious attention and make it a strategic partner, and should maintain a dedicated cash module for cash management because accrual accounting is not adequate for cash management. Regulatory bodies should enhance disclosure requirements in respect of cash and cash equivalents to enhance transparency and prevent creative cash management.
SEO Audit Workshop : Frameworks , Techniques and Tools NEW MEDIA GURU
This webinar will cover practical steps , tools and process for conducting SEO audit from time to time. SEO audits can be used for a variety of benefits and can yield data which can help other digital marketing initiatives and SEO strategy itself.
Webinar will cover the following
1. Framework and process for SEO audit
2. Tools and their usage in SEO audits
3. How to present your SEO audit reports to various levels of management
4. How to created actionable next steps from SEO audit
1.)Four Types of Audit Report by Independent Auditors
2.)The Steps to be Done by the Auditors Before They Receive New Engagement With Clients
3.)The Contents Emphasis in the Audit Engagement
This is a presentation I gave at the 2007 PMI NCR Symposium on how to conduct a Project Audit. Contact me at Larry.Cooper@IGPLI.Net if you have questions.
Effective Financial closing & Management reporting is one of the must have Capabilities of a Finance professional and CFO which is very important for "Optimizing Finance Operation" to lead the Finance head and company to a world Class Finance Performance
An accounting firm business plan outlines the strategy for providing financial and accounting services to individuals, businesses, or organizations. It includes an analysis of the target market, services offered (such as tax preparation, auditing, or financial consulting), pricing structures, and marketing tactics. The plan also addresses staffing, certifications, and qualifications of personnel, as well as strategies for client acquisition and retention. Financial projections and budgeting are crucial components to ensure sustainable growth. A well-crafted accounting firm business plan serves as a roadmap for success in the competitive financial services industry, guiding operations and attracting potential clients.
5 indicators to understanding your organization's financial healthAplos Software
To make good decisions for a nonprofit or church, leaders and board members not only need accurate, up-to-date, and clear financial information, but also the ability to interpret and use this data to inform decision making. The first step is a solid understanding of baseline financial indicators and health. This webinar explores the fundamentals of nonprofit finance so that nonprofit leaders, managers, and board members feel better equipped to interpret financial statements and assess their organizations’ financial position.
Financial Accounting and Management accounting are the two branches of accounting.
Financial accounting stresses on giving true and a fair view of the financial position of the company to various parties.
On the contrary, management accounting aims at providing both qualitative and quantitative information to the managers, so as to assist them in decision making and thus maximizing the profit.
Financial Accounting is the branch of accounting which keeps track of all the financial information of the entity. Management Accounting is that branch of accounting which records and reports both the financial and nonfinancial information of an entity.
Response 1:
Part 1
Memo:
Understanding Similarities and Differences between Financial and Managerial Accounting
Attention
: Susan Thompson
Susan-
In an effort to get you up to speed on our expectations, I wanted to provide some details on the differences you can expect to see between managerial and financial accounting and provide you some examples from both areas.
Financial accounting is the backbone of the day-to-day functions of accounting. From payables, to receivables to collections, this area ensures all of the outstanding bills and debts are paid so the organization can operate. The details received from the day to day management of financial accounting are provided to stakeholders’, creditors, vendors and management to ensure the organization is being forthcoming and so management can use the data to further the position of the company(MUSE: Financial and Managerial Accounting). Reports provided within financial accounting include the following:
Income Statement
Statement of Owners Equity
Balance Sheet
Cash Flow Statement
Each of these documents is used by managerial accounting team members to help make decisions about the future of the organization.
Managerial accounting is optional. This is a team of managers who are trying to plan for future business and need to understand the ebbs and flows of the business itself and how any of the business segments or areas can function more productivity. One thing to note is that Financial Accounting is handled by external persons who try to ensure the strength of financial decisions whereas Managerial Accounting is managed by internal managers responsible for the success of the organizations. Financial Accounting Reporting for the IRS is mandatory and GAAP accounting rules must be adhered too. Managerial Accounting has no set rules nor are they bound to any oversight group and are not required to provide any sort of mandatory reporting.
Additional reports used to analyze the health of an organization are horizontal and vertical analyzes.
Horizontal analysis is where we take a series of reports year over year and try to determine what trends were in assets, equity, cash flow, etc. Using these reports allows the management team to better understand the business and what could be coming in the future. Vertical analysis is where we analyze financial statements based on entries for assets, accounts, liabilities and equities. We review each of these as a proportion of the total account and try to understand what led to any inconsistencies.
If you need any further clarification regarding these concepts, reporting or analysis, please reach out to me directly.
Thank You
Part 2
Attn: Board of Directors
MEMO
In an effort to help our team better understand how we can use our current and previous accounting information to help plan and control for future business, I have broken down details on four key financial reports we receive regularly. These reports include the income sta ...
The preparation of financial statements is a key aspect of an organisation's financial management as it relates to the recording and reporting of financial transactions and activities.
Financial statements support decision-making and financial analysis by providing a comprehensive overview of a company's financial performance, position and cash flow.
Cash flow is one of the important aspects of
bookkeeping services for small businesses in
the USA. It is the inflow and outflow of cash in a
business. It is the movement of money into and
out of a company, including all cash inflows
from sales and financing, as well as all cash
outflows from expenses and investments. Cash
flow is important for businesses because it
affects a company's ability to pay bills, make
investments, and grow
Financial Management & Budgeting for Vacation Rental Companies by Ben Edwards, President Weatherby Consulting. Includes info about cash flow, income statements, reporting, revenue projections, and accounting.
readessay.com-Types of Accounting and Careers and Job Opportunities in 2022-2...AlexRobert25
Did you know that a career in accounting has great potential? The reason is that the accounting stance for jobs is thriving and paving a successful future for candidates.
Accounting and Bookkeeping services .pdfDavid Brown
Financial reporting and analysis involve the planning of various types of reports and the evaluation of financial information to determine a company's financial situation. Let us learn how an effective financial reporting service can benefit your business.
Dashboards for Comptrollers, CFOs and Reporting to your BoardBlackbaud
This session will highlight how to use the tools in The Financial Edge™ for fast, accurate reporting to your board of directors. Learn how dashboards increase your productivity and reports make answering your board members’ questions easier than ever!
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This presentation by Joe Kovacs at Gelman, Rosenberg & Freedman CPAs, covers success stories of utilizing LinkedIn for business purposes. Topics covered include: networking, time management, LinkedIn groups, PR, trust and the value of LinkedIn connections.
This informative presentation sheds light on the new Uniform Administrative Requirements, Cost Principles and Audit. It covers new and updated regulations;
1.
Introduction
2.
Subpart A -Acronyms and Definitions (200.0 series)
3.
Subpart B -General Provisions (200.100 series)
4.
Subpart C -Pre-Federal Award Requirements and Contents of Federal Awards (200.200 series)
5.
Subpart D -Post Federal Award Requirements (200.300 series)
6.
Subpart E -Cost Principles (200.400 series)
7.
Subpart F -Audit Requirements (200.500 series)
8.
Appendix I-XI
This Gelman, Rosenberg & Freedman CPAs presentation covers "Accounting Systems for Government Contractos":
1. Examples of Common Accounting Systems
2. Key Accounting System Components
3. Chart of Accounts
4. Importance of Written Policies and Procedures
5. Internal Control Environment
This presentation covers the current challenges facing nonprofits as they relate to "ratings." Questions such as what is "results reporting," what is "financial health and governance"? are also covered.
Learn about recording expenses and income, hodge-podge and basic QuickBooks reporting. Additionally you will get an insight into eighteen common QuickBooks errrors.
Learn more about Social Security Benefits from the experts. Additional review:
Retirement benefit qualifications
Steps to recover maximum benefits
Strategies for single people, married couples, survivors and divorced individuals
Medicare issues
Background, Due Diligence and Pre-employment Background Investigations
Locate Witnesses/Defendants
Professional Witness Interviews
Asset Tracing to Recover Court-Ordered Judgments
Cause and Origin Fire Investigations and Testimony
Recorded Conversations (where allowed by law)
Surveillance and Photography Services
GPS Tracking (with consent)
Handwriting Expert Services
This presentation helps you understand:
1. What is a successful audit?
2. Auditor responsibilities vs. auditee
3. Board of Directors vs. Investment comittee
4. Managing investments
5. What do auditors look for
6. Common management letter comments
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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An Introduction to Financial Management and Reporting
1. An Introduction to
Financial Management
and Reporting
DC Department of Small & Local Business
Development
John Pace, CPA, CVA
Senior Manager, Client Services
Steven Lyons, CPA
Supervisor, Client Services
December 12, 2013
2. Financial Management and
Reporting
John Pace, CPA, CVA
Senior Manager, Gelman, Rosenberg & Freedman CPAs
15 years of accounting and finance experience
Provides assistance to GRF clients in the
capacity of temporary controller/chief financial
officer, with duties such as cash flow planning
and analysis, financial statement preparation,
financial performance analysis, budgeting and
bookkeeping.
2
3. Financial Management and
Reporting
Steven Lyons, CPA
Supervisor, Gelman, Rosenberg & Freedman CPAs
12 years of accounting and finance
experience
Provides assistance to GRF clients in the
capacity of temporary controller/chief
financial officer, with duties such as cash
financial statement preparation,
budgeting, bookkeeping, financial
performance analysis .
3
4. Financial Management and
Reporting
Firm Bio
Gelman, Rosenberg & Freedman CPAs, located in the
Washington, DC metropolitan region since 1981, is a professional
services firm that provides clients with financial, tax and
consulting solutions. For more than 30 years, our business has
supported the financial and operational success of nonprofits
locally, nationally and around the world. Our professionals also
offer accounting and consulting services to government
contractors, businesses, individuals and attorneys in need of
advisory support.
Our mission, vision, values and philosophy provide a foundation
upon which we strive to succeed. We want our clients to perceive
Gelman, Rosenberg & Freedman as more than just accountants
who deliver a once-a-year engagement. We seek to become
trusted financial advisors who work throughout the year to
provide clients with insights and expert advice.
4
10. Financial Management and
Reporting
Overview of Financial Statements
Financial statements offer a insight
into the company’s financial health.
User of Financial Statements are
potential investors, bankers,
insurance agents, bond companies
etc.
10
11. Financial Management and
Reporting
December 31st
Snapshot
January 1st
Take a photo and capture the image (Balance Sheet or
Statement of Financial Position)
Measure the activity showing how we
got from one image to another (Income
Statement or Statement of Activities)
Take a photo and capture the image (Balance Sheet or
Statement of Financial Position)
11
12. Financial Management and
Reporting
Balance Sheet - Basic
Smith Consulting, Inc.
Nothing here about salary or
living expenses
Moment in time
Assets are what you have
8,250
Liabilities are what you owe
6,000
Equity is the difference. It’s
also the sum result of your
whole history
Balance Sheet
September 30, 2013
Assets
Checking account
$
1,000
Savings account
250
Total cash
1,250
Auto
Total Assets
7,000
$
Liabilities Car Loan
Equity
Total Liabilities and Equity
2,250
$
8,250
12
15. Financial Management and
Reporting
Smith Consulting, Inc.
Income Statement
For the Year Ended December 31, 2013
Revenue
Fees
Interest income
Total Revenue
Expenses
Salary
Travel
Supplies
Rent
Total Expenses
Net Income
$ 10,000
100
10,100
7,000
1,000
300
200
8,500
Income
Statement-Basic
Measures activity over time
How much cash do you have?
Who are the users of this report?
Maybe bankers, owners,
potential owners or
management
What do they want to know?
Profitability, ability to repay a
loan, etc.
$ 1,600
15
22. Financial Management and
Reporting
Budget Process
Developing a budget involves consideration of
strategic priorities, gathering data, articulation of
assumptions and lots of communication. And a little
math.
Using a budget involves clear reporting aligning
budget categories with accounting data, more
discussions and then making decisions.
22
23. Financial Management and
Reporting
Budgets Are …
Budgets are based on FACTS and ASSUMPTIONS
More about priorities than numbers
A roadmap for implementing the strategic plan
Budgets should tell a story. Are there any new
activities or changes to existing activities?
23
24. Financial Management and
Reporting
Budgets Are Not …
Budgets are not law –budgeting is a totally different
concept than a government’s budget.
“Budgeted” doesn’t necessarily mean that the money
is there
Budgets are not meant to be final – reality tends to
get in the way
24
25. Financial Management and
Reporting
Internal Reports: Comparisons to
Budget
What do you do when you get a budget report?
What should you do with budget reports?
– Format can really vary so make sure you understand what the
numbers represent (esp. terms, dates and signs)
– Help discover errors by making sure the numbers make sense -do they agree with your recollection of what actually happened?
– Use them to keep program on track or identify things that will go
over/under budget
– Ask questions!
25
26. Financial Management and
Reporting
Sample Budget vs. Actual Report
Smith Consulting, Inc.
RBI Program
January to August 2013
YTD
YTD
YTD
2013
2013
Actual
Budget
Variance
Budget
Remaining
2,300
800
300
-
3,000
800
150
100
700
(150)
100
6,300
1,600
250
200
4,000
800
(50)
200
3,400
4,050
650
8,350
4,950
Expenses
Salary
Travel
Supplies
Consulting
Total Expenses
Let’s look
through the
terms and
information
presented
26
27. Financial Management and
Reporting
A Different Budget vs. Actual
Report
Content will vary
Smith Consulting, Inc.
RBI Program
January to August 2013
August
Total
Expenses
YTD
2013
Actual
Expenses
Salary
Travel
Supplies
Consulting
YTD
Actual
Budget
Budget
Variance
1,000
200
-
2,300
800
300
-
3,000
800
150
100
6,300
1,600
250
200
700
(150)
100
1,200
3,400
4,050
8,350
650
Variance
between what?
Is a positive
budget variance
good or bad?
27
28. Financial Management and
Reporting
Another Budget Report Format…
Percent of
what?
Smith Consulting, Inc.
RBI Program
January to August 2013
August
Total Expenses
2013
Budget
% of
Actual
Expenses
Salary
Travel
Supplies
Consulting
YTD
Actual
Budget
Variance
Budget
1,000
200
-
2,300
800
265
-
6,300
1,600
250
200
4,000
800
(15)
200
37%
50%
106%
0%
1,200
3,365
8,350
4,985
40%
Why is salary
less than 50%
Do other
percentages
make sense?
28
29. Financial Management and
Reporting
Other Internal Reports:
Projections
Smith Consulting, Inc.
RBI Program
January to August 2013
YTD
Total Expenses
Projected
2013
2013
Actual
Expenses
Salary
Travel
Supplies
Consulting
Remaining
Projected
2013
Budget
Variance
2,300
800
300
-
3,000
800
150
100
5,300
1,600
450
100
6,300
1,600
250
200
(1,000)
200
(100)
3,400
4,050
7,450
8,350
(900)
What time
period is
projected?
How were
the
projections
done?
29
30. Financial Management and
Reporting
Smith Consulting, Inc.
3 Month Projected Cash Flow as of 8/31/13
2013
September
Beginning Cash
$
68,300 $
2013
October
62,500
2013
November
$
(13,000)
Cash In
Contributions
Ticket Sales
86,500
5,000
6,300
4,500
127,000
6,900
Total Cash In
91,500
10,800
(80,000)
(4,000)
(2,300)
(80,000)
(20,000)
(2,300)
(97,300)
(86,300)
(102,300)
(5,800)
(75,500)
31,600
62,500 $
(13,000)
Starts with actual
cash balance and
typically goes out 6
months
133,900
(80,000)
(15,000)
(2,300)
Cash
Projections
Cash Out
Regular monthly
Project costs
Loan payment
Total Cash Out
Change during the Month
Ending Cash
$
$
18,600
Often called “cash
flow report” but that
is not what
accountants mean
when they use that
title
30
31. Financial Management and
Reporting
Cash Projections
Smith Consulting, Inc.
3 Month Projected Cash Flow as of 8/31/12
2013
September
Beginning Cash
$
68,300 $
2013
October
62,500
2013
November
$
(13,000)
Cash In
Contributions
Ticket Sales
86,500
5,000
6,300
4,500
127,000
6,900
Total Cash In
91,500
10,800
(80,000)
(4,000)
(2,300)
(80,000)
(20,000)
(2,300)
(97,300)
(86,300)
(102,300)
(5,800)
(75,500)
31,600
62,500 $
(13,000)
Note that “cash in” and
“cash out” are not the
same as revenue and
expense
133,900
(80,000)
(15,000)
(2,300)
(cont.)
Cash Out
Regular monthly
Project costs
Loan payment
Total Cash Out
Change during the Month
Ending Cash
$
$
18,600
The purpose is to
identify times that the
cash balance might be
a problem -- such as
during October in this
example
31
33. Financial Management and
Reporting
Cash vs. Accrual Accounting
Ex: In October 2010 a customer is invoiced for
$1,000. The check is sent to us in March 2011 What
is the 2011 Revenue
Ex: In Dec 2010 you rented a meeting room to host a
seminar. In Jan you got a bill from the facility for
$800 and you paid it in Feb 2011. What is the 2011
expense?
Pay particular attention to this issue when trying to
project revenue or when comparing budget to actual
expenses
33