| Title: |
Overview of Governmental Accounting |
| Prerequisite: |
None |
| Advance Preparation: |
None |
| Knowledge Level: |
Overview |
| Subject Matter Area: |
Governmental Accounting |
| Date of Publication: |
April 2008 |
| Copyright © |
2008 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
9 QAS/Registry (50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
Governmental financial statements are quite a bit different from commercial financial statements, because each follows a different set of accounting requirements. This program will review the basic differences between commercial and governmental accounting and why these differences exist. It will emphasize the importance of constituents' communication and feedback, as well as cover basic accounting for purchases of general-purpose capital assets and the role of general-purpose long-term debt, in addition to financial reporting for governmental funds.
This program is divided into eight (8) chapters.
Chapter 1 gives an overview of the environment of governmental accounting.
Chapter 2 concentrates on explaining the Conceptual Framework followed by governmental entities.
Chapter 3 reviews fund types and outlines methods for accounting the different types of funds.
Chapter 4 examines governmental-type funds.
Chapter 5 explains proprietary funds.
Chapter 6 focuses on fiduciary funds.
Chapter 7 defines the governmental reporting model currently being followed.
Chapter 8 emphasizes the importance of strategic planning, budgeting, and managing results.
Use of Materials
Audio or DVD
We recommend that you begin by reviewing the learning objectives at the beginning of the chapter and reading the chapter. You may wish to make notes of the most important concepts and any terms that are new to you. Be sure to work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, complete the study questions at the end of the chapter and review the answers. If you answer a study question incorrectly, review the section of the text that is indicated at the end of the explanation to the study question to make certain you understand the material. Review the learning objectives once more to consider achievement of the objectives. Next, watch the DVD segment or listen to the audio CD for the chapter. After you have finished watching the DVD or listening to the CDs and reading the text, you may wish to review your notes and any sections of the text or DVD that were difficult. When you are ready, complete the quizzer. Reviewing your notes periodically will increase retention of the material.
Online
Follow the procedures discussed above. After you have studied each chapter, click on the link at the left to complete the interactive study questions. When you have finished reading the text, you may wish to review your notes and any sections that were difficult. When you are ready, click on the link to the left to complete the quizzer. Your CPE certificate will be provided immediately upon successful completion of the quizzer.
Software
Follow the procedures discussed above. As you study each chapter, complete the interactive study questions that appear in the lower panel of the screen. When you have finished reading the text and working through the study questions, you may wish to review your notes and any sections that were difficult. When you are ready, click on the link at the far left to complete the quizzer. Email your quizzer statistics using the quizzer submission link in the software and your CPE certificate will be mailed to you.
Helpful Guidance
Throughout this publication, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this publication includes the following designations:
A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.
A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.
Betty Pendergrass King, CPA (KY), CGFM, is a local government consultant in Kentucky. In her 25-year career in local government finance, she has served as Local Government Advisor Chief for the Kentucky Department for Local Government, chief financial officer in several Kentucky cities and audited local government entities from the public accounting sector. In addition to her financial management and auditing responsibilities, she has provided training and technical assistance to local government officials and CPAs who audit governmental entities. Ms. King has also developed training for governmental auditing and accounting continuing education. She has served on the AICPA Governmental Accounting and Auditing Committee, as well as several other committee and Task Force positions with the AICPA. Ms. King is a frequent discussion leader for national conferences and training sessions. (Author/Speaker)
John L. Norman, Jr., JD, is an attorney in private practice in Washington, D.C., where he specializes in closely held business organizations, as well as estate and financial planning. He is the former National Director of Taxation for the accounting firm Pannell Kerr Forster, and the former chair of PKF's International Tax Committee. He is also a member of the International Tax Planning Association. Mr. Norman is a noted speaker and author of several publications in the area of federal taxation and he is a regular contributor to CPE Network. (Speaker)