Governmental Accounting Flashcards
Governmental Stakeholders
Objectivy
Operation Accountability
1) Effective and efficient in operations
2) Gov-wide Financial Statements
Fiscal Accountability
1) Compliance with Budget
2) Fund Financial Statements
Focus
GASB
Mission - Providing a framework to educate users and support public policies, investments, and management by those users
Organizational Structures
Revenue
Taxes, Services,
Annual Budget
Legal Document
Prepared on Modified Accrual basis
Purpose of Governmental Accounting
Accountability
Fund Accounting
Segregates financial sources into
Comprehensive Annual Report
Annual, Into and
Government Financial Statements
1) Introductory Section
Letter of Transmittal
List of Principal Officers
Organizational Chart
2) Management Discussion and Analysis
3)Government Wide Financial Statements
4) Fund Financial Statements
Governmental Funds Financial Statements
Proprietary Funds Financial Statements
Fiduciary Funds Financial Statements
Component Units Financial Statements
Notes to Financial Statements
5) Required Supplementary Information other than MD&A
6) Statistical Section
10-Years of Selected Financial Data
10-Years of Economic Data
Modified Accrual
Revenues recognized when measurable and available
Expenditures recognized when they occur
Reporting Standards
Adhere to GASB
Hierarchy - State and Local Government
A) GASB statements
B) GASB bulletins and AICPA literature cleared by GASB
General Fund
Used to report transfers to other funds as an “other financing use.” Only governmental funds (general, special revenue, debt service, capital projects, and permanent) report transfers to other funds as “other financing use.”