About This Chapter
Government Auditing: Financial Management- Chapter Summary
You'll learn about different concepts that are used in financial management as you work your way through the lessons in this chapter. Expand your knowledge in the areas of government accounting practices and discretionary spending. The lessons also include the following topics:
- Special accounting requirements for reporting financial operations
- Levels of taxation
- Revenue sources for the federal government
- How the government spends 3.5 trillion dollars a year
- Examples of pork barrel spending
- Fund accounting vs. resource accounting
- Government funds such as voted funds, conditional grants and revenues
- Restrictions on public funds
- How the activity-based costing process works
- Understanding cost allocation
After you watch the video lessons, you have the opportunity to test your knowledge with the self-assessing quizzes. The immediate feedback you get from the quizzes will be helpful to you as it will point out your strengths and weaknesses. The timeline feature associated with the video lessons will allow you to jump around to certain parts of the areas that you need to focus harder on before moving forward.
1. 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.
2. Principles and Systems of Taxation
In this lesson, you'll gain a better understanding of how our tax system works. Look into the different levels of taxation from the federal government to state and local governments.
3. Largest Revenue Sources for the Federal Government
Where does the federal government get its money? In this lesson, you'll learn about the top four source of revenue for the U.S. government. You'll also find out how these sources have fluctuated over time.
4. Federal Budget: Entitlement, Defense & Discretionary Spending
$3.5 trillion is an enormous amount of money, but that's how much the federal government spends each and every year. This lesson sheds some light on just how the government does that.
5. What is Pork Barrel Spending? - Definition & Examples
Pork barrel spending is the use of federal government money towards specific projects in order to help congressmen win re-election. We'll discuss why such spending occurs and look at some examples.
6. 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.
7. Public Funds: Definition, Restrictions & Examples
While it is never fun to pay taxes, our taxes go to helping improve the communities we live in. In this lesson we will learn about public funds and how they are used. We will also learn about some restrictions so that our money goes to good use.
8. The Activity-Based Costing Process
With computers, it's now possible to provide costs for virtually every activity that touches a product. In this lesson, we'll learn about the activity-based costing process and how it works.
9. Cost Allocation: Definition, Terms & Examples
Have you ever wondered how a business determines costs? In this lesson we will learn about cost allocation. We will define the term and apply it to some examples. The lesson will conclude with a summary of key concepts.
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Other chapters within the CGAP Exam Study Guide - Certified Government Auditing Professional course
- Auditing Standards & Governance
- Risk/Control Frameworks in Auditing
- Government Auditing Practices: The Audit Function
- Types of Government Audit Services
- Process for Delivery of Audit Services
- Government Auditing Skills & Techniques
- Evaluating Quantitative & Qualitative Data
- Implications of Audit Service Delivery Methods
- Implications of Delivering Audit Services to Citizens
- Unique Characteristics of Human Resources Management
- Unique Purchasing & Procurement Requirements
- CGAP Exam Study Guide - Certified Government Auditing Professional Flashcards