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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