Federal Accounting Fundamentals

Management Concepts

How long?

  • 2 days
  • online, in person

What are the topics?

Management Concepts

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Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.

We are happy to help you find a suitable online alternative.

Who should attend

Participants tend to be Federal financial managers and staff from the agency level to the unit level, including those implementing financial systems. Class participants may also be from private auditing firms or financial systems personnel.

About the course

Producing accurate and timely Federal financial statements is the basic function of Federal financial personnel. But to successfully accomplish that task, staff must understand the accounting practices that support this important activity. You will gain an understanding of how to generate financial statements that comply with Federal regulations through an overview of accounting terms, principles, concepts, and standards. You will also examine the U.S. Government Standard General Ledger to further standardize your approach to Federal accounting.

Learning Objectives

  • Locate the appropriate sources of guidance relating to federal accounting
  • Define the budgetary and proprietary accounting equations and their components
  • Associate basic accounting transactions with the appropriate USSGL accounts
  • Record budgetary and proprietary transactions for the phases of the accounting and budget execution cycles
  • Record basic adjusting and closing entries
  • Identify the principal financial statements for the federal government and their main components
  • Define assets, liabilities, net position, revenue, expenses, gains, and losses
  • Explain fundamental accounting concepts and principles
  • Distinguish between budgetary and proprietary accounting
  • Track the life cycle of appropriated funds
  • Identify the five steps in the accounting cycle
  • Define and explain the uses of the USSGL
  • Record current-year transactions using USSGL accounts

Course Topics

Introduction to Federal Accounting

  • Building Background
  • Accounting
  • Federal Accounting

Accounting Terms, Concepts, Principles, and Methods

  • Building Background
  • Fundamental Accounting Concepts
  • Talk the Talk
  • Fundamental Accounting Principles and Methods

Federal Accounting: A Closer Look

  • Building Background
  • Commercial vs. Federal Accounting
  • Budgetary Accounting
  • Proprietary Accounting
  • Budgetary and Proprietary Accounting
  • Talk the Talk
  • How and When to Use Appropriated Funds
  • Budgetary Accounting Equation
  • Proprietary Accounting Equation

The Accounting Cycle

  • Building Background
  • Statements of Federal Financial Accounting Concepts and Standards
  • Steps of the Accounting Cycle

U.S. Government Standard General Ledger

  • Building Background
  • Purpose of the U.S. Government Standard General Ledger
  • USSGL Chart of Accounts
  • Talk the Talk
  • A Sampling of Accounts
  • Budgetary and Proprietary Accounts

Fundamental Accounting Transactions

  • Building Background
  • Receipt and Use of an Appropriation
  • Example: Government Management Agency (GMA)
  • Trial Balance
  • Exercise: Standard General Ledger Accounts (Direct Activities)
  • Exercise: Current Year Operations

Adjusting and Closing Entries

  • Building Background
  • Adjusting Entries
  • Closing Entries

Financial Reporting

  • Building Background
  • Where Does the Information Come From?
  • Federal Financial Reporting
  • Financial Statements

Federal Accounting Fundamentals at Management Concepts

From  $769

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Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.