By Warren Ruppel
Learn, interpret, and learn governmental monetary statements–Governmental Accounting Made effortless explains all of it basically explaining tips on how to learn and study the monetary statements of governments and governmental organisations, Governmental Accounting Made effortless assists you-accountant or not-to interpret governmental monetary statements. This easy-to-understand ebook courses the reader in figuring out how those person themes come jointly to shape an entire, below the Governmental Accounting criteria Board 34 (GASB 34) monetary reporting version. This necessary source covers easy accounting options underlying governmental accounting and fiscal reporting easy monetary statements ready for a central authority, together with government-wide and fund monetary statements observe disclosures that accompany governmental monetary statements advanced accounting concerns generally present in governmental monetary statements destiny concerns impacting governmental accounting and monetary reporting professional recommendation from Warren Ruppel, writer of Wiley GAAP for Governments 2009 offering a simplified heritage and dialogue of a vast variety of governmental accounting issues, Governmental Accounting Made effortless authoritatively and carefully publications you thru each point of governmental accounting and fiscal reporting.
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Additional resources for Governmental Accounting Made Easy
All petty cash accounts that are maintained by the government The “cash” caption on the statement of net assets should not include the following, which should be disclosed as separate lines on the statement of net assets: • Cash that is restricted by some legally enforceable instrument. Generally, this would include cash maintained in debt service reserve accounts required to be maintained by the related debt instruments. Restricted cash is usually shown as a separate line item in the statement of net assets to make it clear to the reader that it is not available to pay the government’s current bills • Cash that is received and held as a security deposit that will be returned to the provider at the end of some agreement.
There are two different measurement focuses that are used in the preparation of financial statements for governments. They are the economic resources measurement focus and the current financial resources measurement focus. The economic resources measurement focus is used in the preparation of the government-wide financial statements and in the fund financial statements by funds that undertake business-type activities. These types of funds are called proprietary funds. The current financial resources measurement focus is used in the fund financial statements by funds that are called governmental funds.
In terms of revenue recognition, the general rule is that the government would earn the revenue when it provides the services and has a right to collect the revenue. In the case of the governmental college, revenue from tuition would be recorded at the end of the semester to which the tuition related. The revenue is matched to the period in which the college incurred expenses to earn that revenue, which is during the semester to which the tuition relates (assume that the fiscal year-end does not occur during the semester, which would require more complex calculations).
Governmental Accounting Made Easy by Warren Ruppel