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About this document
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- 4 pages
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- $4 one-time, yours to keep
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- Format
- Subject
- Accounting, Public Policy
- Module
- Assignment 1
This document reviews the financial statements and audit report of the Comprehensive Financial Report of State of Georgia for the fiscal year ended June 30, 2012. It analyzes the method of accounting used for the general fund and all other funds in existence by the government.
What's inside
- The method of accounting used for the general fund and all other funds in existence by the government
- Comprehensive Financial Report of State of Georgia for fiscal year ended June 30, 2012
- Government-wide financial statements and the proprietary and fiduciary fund financial statements
- Accrual basis of accounting
- GASB Statement 34
- Management’s discussion and analysis (MD&A)
Who it is for: For students taking the ACC 410 course. (Postgraduate)
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Summary
Government accounting methods are explained. Students learn how to review financial statements and audit reports for government funds.
Types of Government Funds
Government funds, proprietary funds and fiduciary funds are described. Each type uses a different accounting approach. The funds are used for different purposes.
Accrual Basis of Accounting
The accrual basis of accounting is explained. Revenues and expenses are recorded when earned or incurred. Federal grant revenues are recognized when eligibility requirements are met.
GASB Statement 34
GASB Statement 34 is discussed. It requires comprehensive annual reports. Financial statements must use the economic resources measurement focus and the accrual basis of accounting.
Management's Discussion and Analysis
Management's discussion and analysis is described. It provides an analytical overview of the financial activities of the state. It assesses the finances of government and gives a clear picture of the financial position of the state.
Key terms
- Accrual basis of accounting
- Revenues are recorded when earned and expenses are recorded when a liability is incurred.
- Fund balances
- The difference between assets and liabilities in a fund.
- GASB Statement 34
- A statement that requires comprehensive annual reports using the economic resources measurement focus and the accrual basis of accounting.
- Management's discussion and analysis
- A section of a financial report that provides an analytical overview of the financial activities of the government.
- Proprietary funds
- Funds that account for activities similar to private sector businesses.
- Fiduciary funds
- Funds whose resources are not available to finance the government's programs.
Questions this document helps with
- What are the different types of government funds?
- How are revenues and expenses recorded under the accrual basis of accounting?
- What does GASB Statement 34 require?
Summary written with AI from the document's text.
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