ACCY161_Sp11_Notes18_Federal

ACCY161_Sp11_Notes18_Federal - ACCY 161 Spring 201 Federal...

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ACCY 161 – Spring 201 Federal Government Accounting and Reporting ACCY161_Sp11_Notes18 Page 1 of 5 I. Class Notes 1. 4XL]]HV 2. Class projects 3. Exam #3 and final exam II. Federal Government A. Workforce B. What the federal government does 1. National security and international affairs 2. Public safety and enforce federal laws and regulations 3. Provide services: National parks, veterans affairs, research 4. Redistribute resource for policy reason III. Financial Reporting for the Federal Government A. This is the web site for the Financial Management Service of the U.S. Department of the Treasury: http://www.fms.treas.gov/ B. This is the web site where you can get the financial statement for the U.S. http://www.fms.treas.gov/fr/index.html C. GAO Fiscal Wake-up Tour from the former Comptroller General of the Government Accountability 1 Office D. Federal government financial statements – in your binder 1. Large like State of California and CCSF ~ 170 pages 2. Has an MD&A and a focus on accountability and performance: Annual reports are called “Performance and Accountability Reports” 3. Note the text box with the types of auditor’s opinions 4. The reports are quite frank and clear in the content 5. It is not for want of a framework to operate –see page 18, and page 20 for discussion on improper payments 6. Where does the money go? 7. So how is the federal government – our government – doing? 8. What is the result of this – the “how are we doing point? 9. Well, yeah, that is a good question – how can we pull this off 10. Let’s change the subject to something a little on the more pleasant side: a. Stewardship land b. Stewardship investments c. Heritage assets 1 The name was changed from “Accounting” to “Accountability” to reflect the more proactive nature of the work that was done.
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ACCY 161 – Spring 2011 Federal Government Accounting and Reporting ACCY161_Sp11_Notes18 Page 2 of 5 11. We need to talk about “Social Insurance” aka mostly social security
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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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ACCY161_Sp11_Notes18_Federal - ACCY 161 Spring 201 Federal...

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