TAILIEUCHUNG - Lecture Accounting for Governmental and Nonprofit Entities (16/e): Chapter 2 - Jacqueline L. Reck, Suzanne L. Lowensohn

Chapter 2 - Principles of accounting and financial reporting for State and Local Governments. After studying Chapter 2, you should be able to: Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities; explain the components of GASB’s integrated accounting and financial reporting model. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Principles of Accounting and Financial Reporting for State and Local Governments C H A P T E R 2 Learning Objectives 1. Explain the nature of the three major activities of a state or local government: governmental activities, business-type activities, and fiduciary activities. 2. Explain the components of the Governmental Accounting Standards Board’s (GASB) integrated accounting and financial reporting model, including: Elements and measurement approaches Government-wide financial statements Fund financial statements Definition of fund and principles of fund accounting Types of funds in each fund category and characteristics of each fund type. 3 1 Learning Objectives Discuss the nature of major fund reporting and the criteria used to determine whether a fund should be reported as a major fund. 4 2 Activities of Government Financial Reporting Model Elements of Financial Statements Assets, which are resources with present service capacity that the government presently controls. A deferred outflow of resources, which is the consumption of net assets by the government that applies to a future reporting period. Liabilities, which are present obligations to sacrifice resources that the government has little or no discretion to avoid. A deferred inflow of resources, which is the acquisition of net assets by the government that applies to a future reporting period. Elements of Financial Statements Net position is the residual when assets + deferred outflows – liabilities – deferred inflows is calculated (net position appears in a statement of financial position). An inflow of resources is the acquisition of net assets by the government in the current reporting period (., revenues and other resources). An outflow of resources is

• Kế toán - Kiểm toán
• Accounting for Governmental
• Nonprofit entities
• Accounting for Nonprofit Entities
• Financial reporting
• Financial reporting standards
• Financial reporting for Governmental
• Not for profit organizations
• Budgetary accounting
• Government wide financial statements
• Governmental funds
• Governmental accounting course
• Competencies of recent graduate
• Gap between Theory and Practice
• Governmental accounting education
• Governmental accounting technique
• Governmental organizations
• Performance budgeting
• Budgeting governmental
• Governmental operating statement accounts
• Not for profit accounting
• Recognizing revenues
• Recognizing expenditures
• Generally accepted accounting
• Local government financial reporting
• Reporting perspectives
• Tax exempt organizations
• Performance evaluation
• Governmental auditing
• Accounting information
• Fund financial statements
• Governmental financial performance
• Performance measurement
• Accounting for colleges
• Other accounting issues
• Accounting for hospitals
• Health care providers
• Fund accounting
• Revenue funds
• Special revenue funds
• Local governments
• Required financial statements
• Internal financial trend monitoring
• Financial position
• Single audits
• Audit process
• Statement of cash flows
• Performance measures
• Annual compliance reporting
• Operating statements