- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course provides users with a basic understanding of governments and fund accounting that will help them with the task of preparing governmental financial statements. Lesson 1 discusses unique factors that apply to governments and some of the generally accepted accounting principles that apply to such entities. Lesson 2 provides a basic understanding of the principles of fund accounting. Lesson 3 concludes the course by taking a more in-depth look at fund definitions and interfund activity.
Course Expiration Date: December 31, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify a governmental entity, the financial reporting entity, and generally accepted accounting principles for state and local governments.
Recognize the elements of the governmental financial reporting model, and how financial statement materiality affects the governmental financial reporting model.
Identify the basic concepts of fund accounting.
Determine what basis of accounting is preferred for different types of funds, how fair value is measured and applied, how capital assets are accounted for and reported, and how debt and other long-term liabilities are dealt with.
Recognize how interfund activity, fund balances and net position, and budgetary reporting are dealt with using fund accounting.
Identify the different types of funds and categories and determine the number and types of funds that should be used.
Recognize requirements and best practices for dealing with interfund activity and balances, interfund loans, and interfund eliminations.
Lesson 1—Governments and the Governmental Financial Reporting Model
Lesson 2—The Principles of Fund Accounting
Lesson 3—Fund Definitions and Interfund Activity