- NY Credits : 4.0
- TX Credits : 4.0
Why don't governments use the commercial model of accounting? In addition to answering this question, this program looks at the unique challenges for governmental accounting for assets and liabilities.
Upon successful completion of this course, the user should be able to:
establish accounting systems to administer governmental assets,
discuss the various types of investments for governmental entities,
determine when governmental assets are created and how to classify those assets on a governmental statement of net assets,
identify authoritative guidance that establishes generally accepted accounting principles for governmental assets,
describe the types of transactions that will create deferred outflows of resources,
determine how to report liabilities for the modified accrual basis fund statements, and
recognize liabilities that are unique in the governmental environment and how the GASB standards differ from commercial standards for recognition and reporting.