ACCY161Fa10_Notes01

ACCY161Fa10_Notes01 - ACCY 161 Fall 2010 Lecture #1...

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ACCY 161 – Fall 2010 Lecture #1 Introduction to Governmental Accounting ACCY161Fa10_Notes01 Page 1 of 8 Class Comments 1. Adding the class 2. Class web page access from the faculty web page. This is not the same as the class SacCT/WebCT page. 3. Syllabus 4. Accounting review – do exercises on SacCT/WebCT page – key is there as well – posted later this week. 5. Nature of the class – theory and analysis, not memorization 6. The class notes, handouts, online quizzes, and exercises are the basis for the majority of the material found in the exams General Comments on Governmental Accounting Accountability “Accountability is the cornerstone of all financial reporting in government…Accountability requires governments to answer to the citizenry – to justify the raising of public resources and the purposes for which they are used.” – GASB Concept Statement #1 . So when in doubt, give the answer that uses accountability. See page 6 of text. Example: Accounting Auditing Public Administration Legislative Oversight Public Oversight Executive Oversight Finally, Governmental Services So accountability has reach beyond the financial statements
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ACCY 161 – Fall 2009 Lecture #1 Introduction to Governmental Accounting ACCY161Fa10_Notes01 Page 2 of 8 Fund Accounting 1. A fund is a _________________________ and __________________________ entity – see pages 42 and 752. a. GASB accounting principles: #2, #3, #4 for examples on pages 52+ b. Major funds – see page 49 c. Nonmajor funds – see page 50 d. We use a modified-accrual basis of accounting for funds – more on this later. See page 44 2. Generally a fund has a defined purpose and often this purpose is more narrow than general. 3. The purpose of fund accounting is for governmental operations and control. 4. This is a good time to introduce you to the dual-track in governmental accounting: the fund track and the government-wide track. See inside cover of your text: Fund track and modified accrual accounting Budgetary accounting Operational or transaction accounting on the fund basis Government-wide track: aggregated and full accrual accounting a. GASB principles #10 and #11 require budgetary controls which means in practical terms the budgetary amounts need to be incorporated into the general ledger system. 5. Examples On the next two pages examples of fund financial statements. Here are some points we want to see. Do not be concerned about “memorizing” these points now. This is what we will be covering over the next two weeks. We just want to get an example in front of us. It will be helpful to have your text open as we do this from page 8 to 13 in the new edition and pages 8 to 21 in the previous edition. This all covered again in Chapter 9. Balance sheet:
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This note was uploaded on 10/25/2011 for the course ACCY 161 taught by Professor Staff during the Spring '08 term at CSU Sacramento.

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ACCY161Fa10_Notes01 - ACCY 161 Fall 2010 Lecture #1...

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