William Witherspoon III is executive vice-president of Marble Industries Ltd., a publicly held industrial company. Mr. Witherspoon has just been elected to the city council of Turn water, a major industrial city. Prior to assuming office as a city councilor, he asks you, as his accountant, to explain the major differences that exist in accounting and financial reporting for a large city when compared to a large industrial corporation.

Required
Describe the major differences that exist in the purpose of accounting and financial reporting and in the types of reports of a large city when compared to a large industrial corporation.