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Exam 1 Gov Acc

Chapter 1

TermDefinition
Government entity states, counties, cities, towns, school districts, TAXES, popularly elected or appointed by gov officials
Non prof entity give no expect return, no stock/dividends
Governmental Accounting Standards Board (GASB) 1984, standards state + local governments, level of service provided, current yr revenues to show used well + efforts, establishes GAAP for state and local gov
Financial Accounting Standards Board (FASB) 1973, standards business + nonprofs, service provided + continuation, economic resources, obligations, net resources, restrictions on use of resoruces, and liquidity, establishes GAAP for nonprofs
Federal Accounting Standards Advisory Board (FASAB) 1999, standards federal government, gov raise taxes in accordance with budget, service efforts, costs, accomplishments and managing assets and liabilities
source funds gov taxes and grants
source funds business entity exchange transactions
source funds nonprof donations
Longevity bus ent + nonprof can go out of business but gov cannot. Gov has pensions and propety tax revenues
Budgets and legal requirements gov by law has to do certain services and they gotta budget for them. Nonprof maybe restrictions
Internal users Accounting systems
External users financial reporting, feds and banks
carry over surplus money that is left over after expenses and carrys over to next fiscal year
accrual basis of accounting revenues recorded when earned and expenses recorded when they're incurred
Financial Accounting Foundation (FAF) appoints 7 board members for both FASB and GASB
Created by: omckenna52
Popular Accounting sets

 

 



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