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Class1 Powerpoint Ch01

Class1 Powerpoint Ch01 - Chapter 1-1 1 Review the Basic...

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Unformatted text preview: Chapter 1-1 1. Review the Basic Accounting Model applied in Govt Acctng. 2. Understand the Fund Accounting used in state and local government accounting. 3. Learn the required Govt financial statements. 4. Identify the characteristics that distinguish governmental and not-for-profit entities from for-profit entities. 5. Identify the authoritative bodies responsible for setting GAAP and financial reporting standards for all governmental and not-for-profit organizations. Study Objectives Study Objectives Chapter 1-2 Summary of Debit/Credit Rules Summary of Debit/Credit Rules Relationship among the assets, liabilities and stockholders’ equity of Relationship among the assets, liabilities and stockholders’ equity of a business: a business: The equation must be in balance after every transaction. For every The equation must be in balance after every transaction. For every Debit Debit there must be a there must be a Credit Credit . Illustration 3-16 Assets Liabilities = Stockholders’ Equity Basic Equation Expanded Basic Equation + SO 3 Define debits and credits and explain their use in recording business transactions. SO 3 Define debits and credits and explain their use in recording business transactions. Chapter 1-3 Chapter 1-4 Government Entities in the United States Government Entities in the United States General purpose governments provide a wide array of services including Federal General purpose governments provide a wide array of services including Federal government, state governments, counties and cities. government, state governments, counties and cities. Special purpose governments usually provide only a single or just a few services Special purpose governments usually provide only a single or just a few services including independent school systems, public colleges, public hospitals, fire including independent school systems, public colleges, public hospitals, fire protection districts, sewer districts, transportation authorities....
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