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| Author : | Jae K. Shim, Ph.D., CPA |
| Course Length : | Pages: 93 ||| Review Questions: 34 ||| Final Exam Questions: 40 |
| CPE Credits : | 8.0 |
| IRS Credits : | 0 |
| Price : | $71.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Accounting (Governmental) - Accounting (Governmental) for Course Id 1351 |
| Description : | This course on accounting for governmental entities is intended to be used by anyone who would like to gain knowledge of accounting and financial reporting currently recommended for state and local governmental units. The course provides an overview of (1) the fundamental concepts underlying state and local governmental accounting and reporting, (2) the importance of budgetary accounting in government, and (3) the recognition rules and journal entries related to governmental financing. It also describes (1) the accounts and journal entries related to transactions specific to governmental entities, (2) the process of defining the governmental reporting entity, (3) the components of the comprehensive annual financial report (CAFR), (4) the reporting requirements for government- wide and fund-based financial statements, and (5) other required information in the CAFR. |
| Usage Rank : | 25000 |
| Release : | 2022 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Government Accounting Standards Board (GASB) Definition
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 13-Jan-2023 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - 1351 |
| Keywords : | Accounting, Governmental, Accounting, Reporting, v12, cpe, cpa, online course |
| Learning Objectives : |
Chapter 1
2. Recognize major concepts of governmental accounting. 3. Identify basic concepts for financial reporting in governmental accounting. 4. Recognize the differences between the various governmental fund types. Chapter 2
2. Identify how governmental funds are reported and rules for separate reporting as major funds. 3. Recognize key elements of government-wide financial statements. |
| Course Contents : | Chapter 1: Fundamentals of Governmental Accounting and Financial Reporting Learning Objectives Unique Features of Government Characteristics of Nonbusiness Entities Differences between Governmental and Private Sector Accounting Accounting Method Background of Governmental Accounting Standards Role of the Budget Auditing Governmental Entities Fund Accounting Basic Rules Types of Funds Basis of Accounting and Measurement Focus Accrual Basis Modified Accrual Basis Financial Statements Elements Format Chapter 1 Review Questions - Section 1 Revenue Recognition Property Taxes Interest on Investments and Delinquent Taxes Income Taxes and Sales Taxes Miscellaneous Revenue Grants, Entitlements, and Shared Revenue Chapter 1 Review Questions - Section 2 Expenditure Accounting The Expenditure Process Outstanding Encumbrances Accounting for Inventories Purchase Method Consumption Method Accounting for Fixed Assets Basic Rules Works of Art and Historical Treasures Asset Retirement Obligations Long-Term Debt Lease Accounting Investments Interfund Activities Loans Services Provided and Used Transfers Reimbursements Comprehensive Illustration of General Funds Adoption of the Budget Property Tax Other Revenue Expenditures Acquisition of Capital Asset Interfund Activities Adjusting Entries Closing Entries Financial Statements Chapter Summary Chapter 1 Review Questions - Section 3 Chapter 2: Special Funds and Financial Reporting Models Learning Objectives Overview Special Revenue Funds Capital Projects Funds Comprehensive Illustration of Capital Project Funds Receipts of Resources Encumbrances, Expenditures and Disbursement of Resource Closing Entries Debt Service Funds Comprehensive Illustration of Debt Service Funds Appropriations Revenue Recognition Expenditures Closing Entries Chapter 2 Review Questions - Section 1 Permanent Funds Comprehensive Illustration of Permanent Funds Investment and Interest Expenditures Major Fund Reporting Requirements Basic Rules 10 Percent Criterion Tests 5 Percent Criterion Tests Proprietary Funds Basic Rules Enterprise Funds Comprehensive Illustration of Enterprise Funds Chapter 2 Review Questions - Section 2 Internal Service Funds Comprehensive Illustration of Internal Service Funds Fiduciary Funds Basic Rules Trust Funds Custodial Funds The Comprehensive Annual Financial Report Basic Rules Government-wide Financial Statements Reconciliation Schedules Budgetary Comparison Schedule Management's Discussion and Analysis Notes to the Government-wide Financial Statements Comprehensive Illustration of Note Disclosures Related to Debt Additional Considerations Special-Purpose Governmental Entities Government Combinations Nonexchange Financial Guarantees Pensions and Other Postemployment Benefits Plans Chapter Summary Chapter 2 Review Questions - Section 3 Appendix: Four Major Issues of the Government Reporting Model Glossary |
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Governmental Accounting and Reporting - v12 (8 Hrs)