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Robert (Bob) Steele

Governmental accounting, including fund accounting financial transactions, focusing on the general fund and government-wide activities.

We will work through many example problems as we learn the material, posting transactions to a trial balance, so we can see how accounts behave. Many governmental accounts are new to many learners, and we will be using different accounting methods than just an accrual method. Posting transactions and seeing a trial balance will be very helpful in learning the material and is something lacking in most courses on the subject.

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Governmental accounting, including fund accounting financial transactions, focusing on the general fund and government-wide activities.

We will work through many example problems as we learn the material, posting transactions to a trial balance, so we can see how accounts behave. Many governmental accounts are new to many learners, and we will be using different accounting methods than just an accrual method. Posting transactions and seeing a trial balance will be very helpful in learning the material and is something lacking in most courses on the subject.

We will discuss the governmental accounting objectives and reporting requirements, comparing them to for-profit entities. The course will assume we are familiar with for-profit accounting and will, therefore, focus on the areas of governmental accounting that are different, although we will continue to work with core concepts like the double entry accounting system.

Learners and instructor will examine state and local governmental accounting principles & financial reporting.

We will record transactions for budgetary accounts & encumbrances. Recording budgetary accounts will be new for many learners familiar with financial accounting, but we will use double entry accounting principles for the process.

The course will explain and analyze governmental operating statement accounts & budgetary accounts.

Learners and instructor will record transactions for encumbrances, expenditures, & delinquent receivables. We will emphasize when a modified accrual method will be used, and what the differences in recording financial transactions will be when used, as compared to an accrual method.

We will record transactions related to revenue in both the General Fund and at the government-wide activities level.

The course will discuss tax anticipation notes and how they will be recorded under a modified accrual method.

Learners and instructor will explore many examples of the closing process, closing out temporary accounts. We will compare the closing process for governmental entities to the closing process in for-profit accounting.

We will examine how to create subsidiary ledgers related to revenue, estimated revenue, appropriations, encumbrances, and expenditures.

The course will provide examples of recording supplies using the consumption method and purchases method, explaining the differences between the two.

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What's inside

Learning objectives

  • Governmental accounting objectives & reporting requirements
  • Fund accounting foundations
  • State & local governmental accounting principles & financial reporting
  • How to record transactions for budgetary accounts & encumbrances
  • How to create & analyze governmental operating statement accounts & budgetary accounts
  • How to record transactions for encumbrances, expenditures, & delinquent receivables
  • How to record revenue transactions in both the general fund & government wide level
  • How to record tax anticipation note & closing entries
  • How to record transactions to both the general fund & government wide level
  • Go to create subsidiary ledgers
  • How to record supplies inventory – consumption method & purchases method
  • Show more
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Syllabus

Introduction
PDF - 105 Governmental Accounting Objectives
105 Governmental Accounting Objectives
PDF - 106 Governmental Accounting vs Not-For-Profit Accounting
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106 Governmental Accounting vs Not-For-Profit Accounting
PDF -107 Does Non-Profit Mean Money Does Not Matter
107 Does Non-Profit Mean Money Does Not Matter
Multiple Choice Questions – Governmental Accounting A1
Accounting Comic Break
PDF - 180B State & Local Governmental Accounting Fund Reporting
Governmental Accounting Objectives & Reporting Requirements
2 Governmental Accounting Objectives & Reporting Requirements
PDF - 110A Governmental Accounting Objectives
110A Governmental Accounting Objectives
PDF - 125A Government Financial Reporting Requirements
125A Government Financial Reporting Requirements
PDF - 130A Federal Government Financial Reporting Overview
130A Federal Government Financial Reporting Overview
Multiple Choice Questions – Governmental Accounting A2
Discussion Question A1
State & Local Governmental Accounting Principles & Financial Reporting
3 State & Local Governmental Accounting Principles & Financial Reporting
PDF - 140B State & Local Governmental Accounting Objectives, Primary Users, &
140B State & Local Governmental Accounting Objectives, Primary Users, & Useful
PDF - 150B State & Local Governmental Accounting Supplemental Information
150B State & Local Governmental Accounting Supplemental Information
PDF - 160B State & Local Governmental Accounting Elements of Financial Statement
160B State & Local Governmental Accounting Elements of Financial Statements
PDF - 170B State & Local Governmental Accounting Financial Reporting Model
170B State & Local Governmental Accounting Financial Reporting Model
180B State & Local Governmental Accounting Fund Reporting
Multiple Choice Questions – Governmental Accounting A3
Discussion Question A4
Record Transactions for Budgetary Accounts & Encumbrances
4 Record Transactions for Budgetary Accounts & Encumbrances
PDF - 3022 Estimated Revenues & Expenditures
3022 Estimated Revenues & Expenditures
Excel Worksheet Download
3024 Encumbrances, Expenditures, & Subsidiary Ledgers
Worksheet - 3022 Estimated Revenues & Expenditures
PDF - 3023 Encumbrances
3023 Encumbrances
Worksheet - 3023 Encumbrances
PDF - 3024 Encumbrances, Expenditures, & Subsidiary Ledgers
Worksheet - 3024 Estimates, Encumbrances & Expenditures
PDF - 3027 Statement of Activities
3027 Statement of Activities
Worksheet - 3027 Statement of Activities
Multiple Choice Questions – Governmental Accounting B4
Discussion Question A5
Governmental Operating Statement Accounts & Budgetary Accounts
5 Governmental Operating Statement Accounts & Budgetary Accounts
PDF - 190C Governmental Operating Statement Accounts Government-Wide Expenses &
190C Governmental Operating Statement Accounts Government-Wide Expenses & Revenu
PDF - 200C Governmental Funds Characteristics
200C Governmental Funds Characteristics
PDF - 210C Budgetary Accounts
210C Budgetary Accounts
PDF - 220C Fund Balance Sheet & Operating Statement Accounts Budgetary Accounts
220C Fund Balance Sheet & Operating Statement Accounts Budgetary Accounts
PDF - 230C Revenue Sources & Classifications
230C Revenue Sources & Classifications
PDF - 240C Encumbrances & Expenditures
240C Encumbrances & Expenditures
Multiple Choice Questions – Governmental Accounting B5
Discussion Question A6
Record Transactions for Encumbrances, Expenditures, & Delinquent Receivables
6 Record Transactions for Encumbrances, Expenditures, & Delinquent Receivables
PDF - 4018 Encumbrances & Expenditures
4018 Encumbrances & Expenditures
Worksheet - 4018 Encumbrances & Expenditures
PDF - 4019 Deferred Inflows & Delinquent Receivables
4019 Deferred Inflows & Delinquent Receivables
Worksheet - 4019 Receivables Delinquent & Differed Inflows
Multiple Choice Questions – Governmental Accounting B6
Discussion Question A7
Record Revenue Transactions in Both the General Fund & Government Wide Level
7 Record Revenue Transactions in Both the General Fund & Government Wide Level
PDF - 4020 Revenue General Fund & Government Wide
4020 Revenue General Fund & Government Wide
Worksheet - 4020 Revenue General Fund & Government Wide
Multiple Choice Questions – Governmental Accounting B7
Discussion Question A8
Record Tax Anticipation Note & Closing Entries
8 Record Tax Anticipation Note & Closing Entries
PDF - 4021 Tax Anticipation Note
4021 Tax Anticipation Note

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Governmental Accounting 100 with these activities:
Review Introductory Accounting Principles
Reinforce your understanding of fundamental accounting concepts, which are essential for grasping the nuances of governmental accounting.
Browse courses on Governmental Accounting
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  • Review the basic accounting equation.
  • Practice journal entries and T-accounts.
  • Study the differences between accrual and cash basis accounting.
Read "Governmental and Nonprofit Accounting: Theory and Practice"
Supplement the course material with a widely respected textbook that provides a deeper understanding of governmental accounting theory and practice.
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  • Read assigned chapters before each corresponding course module.
  • Work through the example problems in the book.
  • Compare and contrast the book's explanations with the course lectures.
Practice Posting Transactions to Trial Balances
Solidify your understanding of governmental accounting by repeatedly posting transactions to trial balances, reinforcing the behavior of different accounts.
Show steps
  • Obtain practice problems from the textbook or online resources.
  • Post transactions to a trial balance worksheet.
  • Review your work and correct any errors.
  • Repeat with different types of transactions.
Four other activities
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Show all seven activities
Create a summary of fund accounting
Solidify your understanding of fund accounting by creating a summary of the key concepts and principles.
Show steps
  • Review the course materials on fund accounting.
  • Identify the key concepts and principles.
  • Write a summary of the key concepts and principles.
  • Share your summary with other students.
Tutor other students
Reinforce your understanding of governmental accounting by explaining concepts to other students and answering their questions.
Show steps
  • Offer to tutor classmates who are struggling with the material.
  • Prepare explanations and examples to illustrate key concepts.
  • Answer questions and provide feedback on assignments.
Develop a Financial Report for a Hypothetical Government Entity
Apply your knowledge by creating a comprehensive financial report, demonstrating your ability to synthesize and present governmental accounting information.
Show steps
  • Choose a hypothetical government entity (e.g., city, school district).
  • Gather financial data for the entity.
  • Prepare the required financial statements (e.g., balance sheet, income statement).
  • Write a narrative explaining the entity's financial performance.
Study "GASB Codification of Governmental Accounting and Financial Reporting Standards"
Familiarize yourself with the official source of governmental accounting standards, enabling you to interpret and apply GAAP accurately.
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Show steps
  • Access the GASB Codification online or in print.
  • Search for specific topics covered in the course.
  • Read the relevant sections of the Codification.
  • Take notes on key requirements and interpretations.

Career center

Learners who complete Governmental Accounting 100 will develop knowledge and skills that may be useful to these careers:
Government Accountant
A Government Accountant focuses on financial record-keeping and reporting for governmental entities. They ensure compliance with accounting standards specific to the public sector. This course equips a learner to excel as a Government Accountant. With its focus on fund accounting and government-wide activities, it helps you understand the unique aspects of governmental financial transactions. The course's detailed exploration of budgetary accounts and encumbrances is invaluable for a Government Accountant, enabling them to accurately record and manage these critical elements of governmental finances.
State Auditor
State Auditors are responsible for auditing state government agencies and ensuring accountability in the use of public funds. This course is directly applicable for anyone aspiring to be a State Auditor. The course's emphasis on state and local governmental accounting principles and financial reporting provides a solid foundation for auditing governmental entities. The course's detail on recording transactions for budgetary accounts and encumbrances is also a critical skill for assessing the financial integrity of state government operations.
City Controller
A City Controller manages the financial operations of a city, overseeing accounting, budgeting, and financial reporting functions. This course helps build the foundation to function as a City Controller. The course's focus on state and local governmental accounting principles and financial reporting provides a solid understanding of the financial management practices specific to governmental entities. Furthermore, the course will help with the essential skills required to record transactions for budgetary accounts and encumbrances, analyze operating statements, and manage revenue at both the General Fund and government-wide levels.
Government Finance Officer
Government Finance Officers are responsible for overseeing the financial activities of a governmental entity, including budgeting, accounting, and debt management. This course can be very helpful as it covers state and local governmental accounting principles and financial reporting. The course's exploration of how to record transactions for budgetary accounts and encumbrances, and how to create and analyze governmental operating statement accounts and budgetary accounts will provide solid ground for success as a Government Finance Officer.
Budget Analyst
Budget Analysts help organizations, including government agencies, manage their finances by developing budgets and monitoring spending. This course helps with skills that are highly relevant to a Budget Analyst. The course will demonstrate governmental accounting objectives and reporting requirements, which will provide a solid understanding of the financial landscape within governmental entities. The course content on creating and analyzing governmental operating statement accounts and budgetary accounts is directly applicable to the work a Budget Analyst does on a daily basis.
School District Accountant
School District Accountants manage the financial operations of a school district, ensuring compliance with state and federal regulations. This course is useful for becoming a School District Accountant. The course includes an introduction to governmental accounting objectives and reporting requirements, which provides a solid framework for understanding the financial management practices specific to school districts. The detailed instruction on recording transactions for budgetary accounts and encumbrances gives the essential skills required for handling the unique financial aspects of a school district.
Municipal Auditor
The role of a Municipal Auditor involves examining the financial records and internal controls of local governments to ensure accuracy and compliance. This course may guide those aspiring to become Municipal Auditors. The emphasis on state and local governmental accounting principles, along with financial reporting, helps build a strong foundation for auditing governmental entities. Furthermore, understanding how to record transactions for budgetary accounts and encumbrances, as covered in this course, is crucial for assessing the integrity of a municipality's financial management.
Internal Auditor
Internal Auditors evaluate an organization's internal controls, risk management, and governance processes. This course may be valuable for Internal Auditors in governmental or not-for-profit sectors. The course introduces governmental accounting objectives and reporting requirements, which gives insights into the unique challenges in these sectors. The syllabus includes recording transactions for budgetary accounts and encumbrances. This will give insight into an entity's financial oversight.
Grant Accountant
A Grant Accountant specializes in managing the financial aspects of grants, ensuring funds are used according to the grantor's requirements and regulations. This course may be valuable for becoming a Grant Accountant. The course's detailed exploration of fund accounting foundations and how to record revenue transactions in both the General Fund and at the government-wide level provides a solid understanding of grant management principles. Furthermore, the focus on encumbrances, expenditures, and delinquent receivables is crucial for accurate grant reporting and compliance.
Nonprofit Accountant
Nonprofit Accountants manage the financial records and reporting for nonprofit organizations, ensuring compliance with accounting standards and regulations specific to the sector. This course may be helpful for those aspiring to be Nonprofit Accountants. While the course emphasizes governmental accounting, the comparison to for-profit entities and the detailed explanation of fund accounting foundations create a solid understanding of financial management principles applicable to nonprofits. The study of revenue transactions in both the General Fund and at the government-wide level will be a valuable skill.
Compliance Officer
Compliance Officers ensure that an organization adheres to relevant laws, regulations, and internal policies. This course may be particularly useful for Compliance Officers who are specializing in the governmental sector. The detailed examination of state and local governmental accounting principles and financial reporting covered in the course directly impacts a Compliance Officer's understanding of how governmental entities should operate. The course is also particularly relevant because it covers how to record transactions for budgetary accounts and encumbrances.
Tax Accountant
Tax Accountants prepare tax returns for individuals or businesses, and may also specialize in governmental tax issues. This course may be helpful for Tax Accountants planning to work with governmental entities. The course's modules of instruction on how to record tax anticipation notes and closing entries prepares learners to handle governmental tax accounting procedures. Additionally, the emphasis on revenue transactions at both the General Fund and government-wide levels will be valuable.
Government Consultant
A Government Consultant provides expertise to governmental agencies on various issues, including financial management and accounting practices. This course may be a good starting point for becoming a Government Consultant. The course's content on governmental accounting objectives and reporting requirements, compared to for-profit entities, gives valuable insights into the unique financial challenges faced by governmental organizations. The course material on analyzing governmental operating statement accounts and budgetary accounts helps understand how governmental funds are managed and allocated.
Forensic Accountant
Forensic Accountants investigate financial irregularities and fraud, often in governmental or public sector settings. This course may be useful for aspiring Forensic Accountants who want to specialize in governmental accounting. The course's focus on governmental accounting objectives and reporting requirements, along with the study of state and local governmental accounting principles helps in quickly identifying non-compliance and potential fraud. Moreover, understanding how to record transactions for budgetary accounts and encumbrances is crucial when investigating financial discrepancies in governmental organizations.
Financial Analyst
Financial Analysts provide guidance to businesses and governments in making investment decisions. This course may prove useful to aspiring Financial Analysts, especially those intending to work with governmental organizations. This course's discussion of governmental accounting objectives and reporting requirements, and comparison of them to for-profit entities, will give a good understanding of the differences in accounting. Further, the course's analysis of governmental operating statement accounts and budgetary accounts will also be helpful.

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Governmental Accounting 100.
This codification is the authoritative source of generally accepted accounting principles (GAAP) for state and local governments. It provides detailed guidance on all aspects of governmental accounting and financial reporting. While not a book to read cover-to-cover, it is an essential reference tool for understanding the specific requirements and interpretations of GASB standards. adds breadth to the course by providing the official standards.
Provides a comprehensive overview of governmental and nonprofit accounting principles and practices. It is widely used as a textbook in university courses and by professionals in the field. It offers in-depth coverage of fund accounting, financial reporting, and auditing standards specific to governmental entities. This book will add depth to the course by providing real-world examples and case studies.

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