Governmental Accounting 100 from Udemy

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.

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
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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
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Show less

Syllabus

Introduction

PDF - 105 Governmental Accounting Objectives

105 Governmental Accounting Objectives

PDF - 106 Governmental Accounting vs Not-For-Profit Accounting

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Assumes familiarity with for-profit accounting, allowing learners to focus on the unique aspects of governmental accounting and build upon their existing knowledge

Emphasizes the modified accrual method and its differences from the accrual method, which is crucial for understanding governmental financial transactions

Explores the closing process for governmental entities and compares it to for-profit accounting, providing a comprehensive understanding of financial reporting

Requires learners to be familiar with for-profit accounting, which may be a barrier for those without prior experience in the field

Focuses on state and local governmental accounting principles, which may not be relevant for learners interested in federal government accounting

Reviews summary

Governmental accounting fundamentals with examples

According to learners, this course provides a focused introduction to governmental accounting principles, particularly emphasizing fund accounting and its comparison to for-profit accounting. Students appreciate the focus on working through many example problems and posting transactions to a trial balance, finding these practical exercises helpful. The course covers key areas like budgetary accounts, encumbrances, and revenue recognition under the modified accrual method. It assumes prior familiarity with standard financial accounting.

Provides a solid overview of key GAAP.

"The course provided a good foundation in the core governmental accounting objectives and reporting requirements."

"I gained a better understanding of fund accounting and government-wide activities."

"Learning how to record transactions for budgetary accounts and encumbrances was a key takeaway."

Highlights differences from commercial accounting.

"Comparing governmental accounting concepts side-by-side with for-profit accounting made it much easier to grasp the differences."

"Coming from a financial accounting background, the comparisons were invaluable for navigating the new rules."

"Understanding how governmental accounting differs from the standard accrual method was made clear through the comparisons."

Focuses on hands-on transaction posting.

"Working through the many example problems helped me understand how transactions affect the accounts."

"The emphasis on posting transactions to a trial balance is very helpful and not always found elsewhere."

"I appreciated the step-by-step examples that showed how to apply the concepts discussed."

Assumes familiarity with basic concepts.

"This course really does assume you are familiar with for-profit accounting before starting."

"Without a background in standard financial accounting, some parts might be challenging."

"Make sure you have a solid understanding of the double-entry system before taking this."

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

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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"

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Supplement the course material with a widely respected textbook that provides a deeper understanding of governmental accounting theory and practice.

View Governmental and Nonprofit Accounting on Amazon

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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

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Solidify your understanding of governmental accounting by repeatedly posting transactions to trial balances, reinforcing the behavior of different accounts.

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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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Create a summary of fund accounting

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Solidify your understanding of fund accounting by creating a summary of the key concepts and principles.

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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

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Reinforce your understanding of governmental accounting by explaining concepts to other students and answering their questions.

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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

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Apply your knowledge by creating a comprehensive financial report, demonstrating your ability to synthesize and present governmental accounting information.

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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"

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Familiarize yourself with the official source of governmental accounting standards, enabling you to interpret and apply GAAP accurately.

View Melania on Amazon

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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.

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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.

See salaries and explore the career path for State Auditor

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.

See salaries and explore the career path for City Controller

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.

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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.

See salaries and explore the career path for Budget Analyst

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.

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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.

See salaries and explore the career path for Municipal Auditor

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Governmental Accounting 100

What's inside

Learning objectives

Syllabus

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Reviews summary

Governmental accounting fundamentals with examples

Activities

Career center

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