Overview
The U.S. Constitution Article I, Section IX mandates “a
regular statement and account of the receipts and expenditures of all public
money shall be published from time to time” by the federal government.
Two centuries after the publication of the U.S.
Constitution, it is still difficult for the federal government to issue
financial statements.
In this assignment, you examine the U.S. Federal
Government's financial statements to explore the differences in these
statements from other governmental financial statements and the reasons that
necessitate these differences.
Instructions
Write a 3–5 page paper in which you do the following:
Discuss at least three unique characteristics of the federal
government that necessitate special accounting and reporting practices,
presenting at least one example for each transaction.
Choose at least three unique characteristics of the federal
government that necessitate special accounting and reporting practices.
Discuss these characteristics, presenting at least one
example for each one.
Accurately identify and explain the type of audit performed,
the audit opinion issued, and the auditor's reasons for that opinion, on the
most recent federal government financial statement.
Each year the federal government issues an “official”
comprehensive financial report that covers all its activities and is subject to
audit.
Review the most recent Financial Report of the United States
Government.
Explain the type of audit performed, the audit opinion
issued, and the auditor’s reason for that opinion. (Auditor’s opinion is last
item on Table of Contents).
Identify all eight of the financial statements presented by the
federal government and the relevance of each one's contents to a financial
statement user.
In reviewing the federal government’s financial statements,
you will observe more basic financial statements than were required by GASB for
the local governments or by FASB for not-for-profits.
Identify each financial statement presented by the federal
government and the relevance of the statement’s content to a financial
statement user.
Express an opinion on whether the selected financial
statement met its objectives, correctly identifying the objectives, justifying
the opinion with three relative pieces of data from the Financial Report.
Congress enacted the Government Performance and Results Act
of 1993, which requires federal agencies to develop strategic plans,
operational objectives, and measures of performance, reporting on the extent to
which the agency met its objectives. Select one of the federal government
reporting entities included in the Financial Report of the United States
Government, and express an opinion on whether it is meeting its objectives.
Justify your opinion with at least three pieces of data from the reporting
entity’s Financial Report (reporting entities are listed in Appendix A).
Use at least three quality sources to support your writing.
Choose sources that are credible, relevant, and appropriate. Cite each source
listed on your source page at least one time within your assignment. For help
with research, writing, and citation, access the library or review library
guides.
Produce writing that contains accurate grammar, mechanics,
and spelling in accordance with SWS style.
This course requires the use of Strayer Writing Standards.
For assistance and information, please refer to the Strayer Writing Standards
link in the left-hand menu of your course. Check with your professor for any
additional instructions.
The specific course learning outcomes associated with this
assignment:
Review the Financial Report of the United States Government
to explore the distinctive financial reporting required for the federal
government
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