About This Chapter
Government Accounting - Chapter Summary
Get an overview of government accounting topics with this self-paced study guide chapter. Inside, you'll find bite-sized accounting lessons that cover government accounting types, government funds, derivative instruments, government financial statements and much more. The chapter comes with interactive lesson quizzes and a comprehensive exam. You can access the chapter at any time using your computer or smartphone, and our instructors will be happy to answer any questions you may have. Studying this chapter can help you:
- Identify types of government accounting and funds
- Explain the purpose of accounting and reporting in government financial operations
- Describe the process of associating accounts that have government funds
- Understand how accounting handles government funds
- Recognize derivative instruments that are used in financial reporting and accounting
- Analyze fund-based and government-wide financial statements
- Interpret statements of activities and functional expenses
- Reconcile government-wide financial statements
1. Government Accounting: Definition, Types & Importance
In this lesson, we'll take a look at government accounting, specifically some of the differences between accounting in the private sector and that in the public sector. This will include regulation and oversight, fund accounting, and financial reporting.
2. Government Financial Operations: Accounting & Reporting
In this lesson we will look at the requirements for government agencies in their accounting procedures, specifically accounting principles and oversight, fund accounting, and financial reporting.
3. Governmental Funds: Types & Uses
Fund accounting is the system put in place for the designations of resources by the federal government. In this lesson, we learn about the different types of government funds that fall into governmental, proprietary, and fiduciary designations.
4. Associating Accounts with Governmental Funds in Accounting
Governmental fund accounting is different from that of a corporation. Governments have more responsibility with the money they have and must distribute it to all projects and services. This lesson will cover fund designation, fund types, and accounting practices used by the government to track and account for the money.
5. Dealing with Government Funds in Accounting
This lesson will go over the various types of governmental funds, their purpose, and an example of their use. This is not a comprehensive list of government funds in accounting, but these are some of the main types of accounts used.
6. Derivative Instruments: Accounting & Financial Reporting
Accounting for the various types of derivatives is important because of the frequent use of derivative contracts in the normal course of business for many companies. This lesson goes over these contracts, the different types, and the associated accounting entries.
7. Fund-Based Financial Statements for Government Entities
Financial statements for government entities shows the funds the government has and what they are spending money on. This lesson will go over the various types of funds and how they are used.
8. Government-Wide Financial Statements for Government Entities
This lesson will go over the purpose of government-wide financial statements and its components. The two main statements are the financial statement and the statement of net position.
9. Statements of Activities & Functional Expense in Government Accounting
This lesson will focus on three main aspects of governmental accounting: Statement of Activities, Changes in Net Assets Statement, and the Statement of Functional Expense. How are these related and why would government would choose to show them?
10. Reconciling Government-Wide Financial Statements
This lesson will show the difference between government-wide and funds-based financial statements and how they are reconciled. We will also look at the balance sheet and the role that it plays in government funds reconciliation.
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