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Accounting Essay

  • Submitted by: raifordm
  • on April 18, 2015
  • Category: Miscellaneous
  • Length: 492 words

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Below is an essay on "Accounting" from Anti Essays, your source for research papers, essays, and term paper examples.

As an elected public official at the local city level with a population from 50,000 to 250,000, I have a $10 million dollar budget that is allocated to me by the manager of the city.   With this $10 million dollar budget, comes a great incentive.   If all federal standards are met, the city can get up to 100% matching federal funds.   Per the mayor’s request, I have determined how to best allocate these funds to best meet our city’s needs.   Some of the topics considered were supporting capital requirements, operational requirements, and subsidizing non-profit organizations or used as economic incentives to bring new private concerns into the city.   In this report prepared for the mayor and other fellow city council members, I have created a proposed expenditure plan.



Nonprofit organizations generally use the following five categories of funds.[36]

Current fund – unrestricted. This fund is used to account for current assets that can be used at the discretion of the organization's governing board.
Current funds – restricted use current assets subject to restrictions assigned by donors or grantors.
Land, building and equipment fund. Cash and investments reserved specifically to acquire these assets, and related liabilities, should also be recorded in this fund.
Endowment funds are used to account for the principal amount of gifts the organization is required, by agreement with the donor, to maintain intact in perpetuity or until a specific future date or event.
Custodian funds are held and disbursed according to the donor's instructions.
Basis of accounting and financial reporting[edit]

The Report of Consolidated Financial Statements, used for annual financial reporting by nonprofit organizations, is similar to the CAFR used by state and local governments. However, nonprofit organizations use accrual basis accounting for their funds.[37] A nonprofit's financial statements generally include the following.

Statement of financial position or balance...

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