Course description
Accountants in the federal government are tasked with a wide range of responsibilities, including the management of public finances, the investigation of white-collar crime, the auditing of government entities’ financial statements, and the study of new developments in the field of accounting. Government accountants at the state and municipal levels oversee the allocation of tax dollars, conduct audits of spending and income, ensure legal compliance, and provide recommendations for improving fiscal management.
What are the principles of government accounting?
Accounting is vital to any enterprise as it helps business owners determine cash flow and measure profit and loss. The private sector’s accounting mechanisms differ from those used in government accounting. Government accounting involves recording and managing financial transactions of government entities, such as income and expenditure. Most government expenditures are funded by grants and taxes, resulting in the need for an established accounting standard or principles referred to as generally accepted accounting principles or GAAP. These principles include the matching principle, entire disclosure principle, revenue recognition principle, and historical cost principle. Other tenets of government accounting include system accounting, consolidated transactions, and the classification of income and expenditures
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Suitability - Who should attend?
Who Should Attend?
The Federal Government Financial Accounting and Management Training Course by Rcademy is designed for professionals within the finance and accounting industry and for persons looking to further their interest in government accounting practices. The following individuals should attend this course:
- Financial Managers:tasked with performing financial analyses and managing the finances of an organization or government body
- Treasury Managers:in charge of managing a company’s cash flow and revenue sources and also responsible for its long-term financial strategy
- Budget analysts:charged with managing a company’s financial expenses to ensure funds allocated are appropriately utilized
- Auditors:responsible for reviewing and verifying the financial records and expenses of a government or company
- Departmental Budget Holders:tasked by a company’s stakeholders to ensure that the company follows its approved budget
- Public Sector Budget Accountants:charged with overseeing the effective operations of financial activities and accounting within the public sector
- Policymakers:responsible for researching and evaluating financial data and assessing the impacts of financial decisions
- Heads of Government Departments:responsible for monitoring, researching, training, and managing financial expenditures of the government
- Tax accountants:tasked with assisting companies and clients with the analysis of financial and income tax statements
- Chief Accounting Officers:responsible for overseeing the accounting functions of a company and also ensuring the company is tax compliant
- Professionalsinterested in learning about government financial accounting and management
Outcome / Qualification etc.
The Federal Government Financial Accounting and Management Training Course by Rcademy is designed to help participants achieve the following outcomes:
- Understand the fundamentals of government financial accounting and management
- Learn about the principles of government financial accounting and how they differ from private and non-government entities
- Identify the similarities and differences between the financial statements of private entities and government financial statements
- Recognize the principles of budgeting, types, and purpose in government financial accounting
- Define liabilities, assets, revenues, gains, losses, expenses, and net positions
- Identify the types of government funds that are likely to have budgets associated with them
- Understand the various government funds and their respective accounting structures
- Distinguish between proprietary and budgetary accounting
- Understand the lifecycle of appropriated funds and the five steps of the accounting cycle
Training Course Content
Module 1: Introduction to Federal Government Financial Accounting
- The nature of federal accounting
- Historical costs
- Definition of accounting
- Commercial accounting vs government accounting
- Types of government accounting
- Principles of government accounting
- Accrual basis of accounting
- Entity
- Budgetary and proprietary accounting
- Matching principles
- Accounting for funds
- Importance of government accounting
Module 2: The Fundamentals of the Accounting and Budgeting Process
- Legislations regulating government accounting
- The legislative process
- Congressional action
- Budget formulation
- The budget cycle
- Budget execution
- Audit and review
Module 3: The Accounting Cycle
- Introduction and definition of terms
- The accounting processes
- Worksheet
- Unadjusted trial balance
- Recognizing transactions
- Posting
- Recording transactions
- Financial statements
- Adjusting journal entries
- Closing the books
- Statements of government financial concepts and standards
Module 4: Internal Control Structure
- Definition of terms
- The internal control framework
- Objectives of internal control structure
- Components of internal control – Monitoring – Control activities – Risk assessments – Information and communication – Control environment
- Common control procedures – Access controls – Analytical reviews – Authorisation and approval – Review of output – Transactional controls
- Payroll processing
Module 5: Accountable Events of the Federal Government
- Allotments
- Appropriation warrant
- Apportionment
- Commitments
- Disbursements and collections
- Obligations
- Allowances, financial plans/operating budgets
- Accounts payable and receivable
- Expired authority/canceled authority
- Adjustments
Module 6: Fundamental Accounting Transactions
- Introduction
- Trial balance
- Receipt and use of appropriation
- Standard general ledger accounts
- Current year of operation
- Types of accounting transactions
- Creating liability
Module 7: Introduction to Government Financial Reporting
- Definition of terms
- Types of financial reporting
- Purpose of financial reporting
- Governmental reporting framework
- Reporting liabilities and capital assets
- Variance analysis
- Benefits of financial reporting
- Entities that utilize financial reporting
Module 8: Introduction to Financial Management
- Introduction and definition of terms
- Types of financial management
- Financial management systems
- Objectives of financial management
- Relationships with other areas of finance
- Core financial management decisions
- Financial Management vs government accounting
Module 9: Analysing Government Financial Statements
- Introduction and definition of terms
- Types of government financial statements – Statement of assets – Statement of cashflow – Statement of activities
- Financial analysis toolkit
- Revenue, debts, and equity
- Designing a governmental financial statement
- Utilizing Excel in developing financial reports
Module 10: The GAAP Principles of Government Accounting
- The history and evolution of GAAP standards/principles
- The essential components of GAAP
- The GAAP principles – Principle of consistency – Regularity – Permanence of methods – Sincerity – Utmost good faith – Continuity – Prudence – Materiality – Periodicity
- Limitations of GAAP
- Impacts of GAAP
- GAAP and non-government entities
Module 11: Closing Entries
- Introduction and definition of terms
- The objectives of closing entries
- Types of closing entry
- Balance revenue and expenses
- Recording a closing entry
- Special considerations
- Stages of closing entry
- The automation of closing entries
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Rcademy
Rcademy is a global training and consultation organisation set out to bridge the gap between you now and what you can be in the near future. We are facilitators of knowledge impartation. Our team of established and experienced training enthusiasts...