Chapter 1 - Environment and Characteristics

Sources distinction unique gnp sources unique

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Unformatted text preview: rnments or debt transactions – typically no distinction made in sources distinction Unique G&NP Sources Unique Involuntary contributions – taxes! Donations Appropriations and grants from other Appropriations governmental entities governmental Evaluating Performance & Operating Results Operating In business, continuing a product or In service determined by success in marketplace marketplace In G&NP organizations: – Profit not a motive and frequently cannot be Profit measured measured – Services not found elsewhere so there is no Services competition competition – Face rules and regulations not found in Face private sector private Special Regulations & Controls Applied to Governments Applied Organization structure – form; board Organization composition; number & duties of personnel personnel Personnel policies & procedures – who Personnel has power to appoint or hire personnel; tenure; termination policies; promotion policies policies Sources of financial resources – types and Sources amounts of taxes, licenses, fines or fees; procedure for setting user charges procedure Special Regulations (continued) (continued) Use of financial resources – purposes, Use including legal restrictions; purchasing procedures; budgeting methods procedures; Accounting Financial reporting – type & frequency of Financial reports; format; recipients reports; Auditing – frequency; who performs; Auditing scope & type; time & place scope Development of GAAP Development Private Sector Public Sector 1934 Committee on Accounting Procedure 1951 Accounting Principles Board FASB 1975 1984 National Committee on Municipal Accounting National Committee on Governmental Accounting 1959 1973 GASB National Council on Governmental Accounting Defining a “Government” Defining Overall characteristics: Public corporations – “an instrumentality of Public the state, founded and owned in the public interest, supported by public funds, and governed by those deriving their authority from the state from Bodies corporate and politic Other Characteristics of a “Government” “Government” Popular election of officers or appointment Popular (or approval) of a controlling majority of members of governing body by one or more SLGs more Potential for unilateral dissolution by a Potential government with net a...
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