Federal Government Accounting - MCCC
Federal Government Accounting
Chapter 19
Learning Objectives
Understand federal financial management environment, including the roles and responsibilities of various federal organizations
Identify sources of GAAP for the federal government financial report
Understand the federal accounting model
Learning Objectives (continued)
Explain basic budgetary process & terminology used by the federal government
Prepare basic budgetary accounting entries and basic proprietary entries for a federal agency
Understand the financial statement requirements for federal agencies
Understand the financial statements presented for the U.S. Government as a whole
Basis for Federal financial management found in Constitution
No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of the receipts and expenditures of all public money shall be published from time to time.
Article I, Section 9
Financial Accounting Responsibilities
Oversight agencies
Department of the Treasury Office of Management and Budget (OMB) Government Accountability Office (GAO)
Federal Accounting Standards Advisory Board (FASAB)
Individual agencies
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