The Government’s Comprehensive Annual Financial Report

The Government’s Comprehensive Annual Financial Report

Instructions/Descriptions

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The Central Bank Discussion

While the Federal Reserve is an independent entity, it is still subject to the political process. In an extreme case, the U.S. Congress could rewrite and pass laws that govern how the Federal Reserve does its job.

In this discussion, identify a potential change (for example, targeting interest rates or targeting the balance of the money supply in the economy) you would make to how the Federal Reserve operates and explain why you would change it.

In response to your peers, explain whether you agree or disagree with your classmate’s suggested change and why.

Governmental Accounting Discussion

CO1 – Describe fund accounting principles including the government’s Comprehensive Annual Financial Report (CAFR).

CO2 – Explain the various uses of budgets with regard to governmental accounting.

CO3 – Describe appropriate accounting for proprietary fund accounting, and explain the significance of related financial reports.

CO4 – Differentiate between non-expendable and expendable trust funds.

CO5 – Recognize revenues and expenses of nonprofit and governmental entities.

CO6 – Analyze the financial condition of public reports.

Please answer the following questions with supporting examples and full explanations.

For each of the learning objectives, provide an analysis of how the course supported each objective.

Explain how the material learned in this course, based upon the objectives, will be applicable to the professional application.

Reflect back on your journey through this course and answer the following:

What aspects of the profession do you find most challenging, and how will you strengthen those areas as a professional?

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