Course Description
This course designed for those looking for an understanding of governmental accounting, financial reporting, and budgeting, and their differences from private-sector financial activities. Learn about the unique aspects of accounting and reporting for the federal government as well as state and local governments.
What Do Participants Learn?
- Understand governmental accounting standards, financial reporting practices, and budgeting approaches
- Apply the standards, practices, and approaches by the federal, state, and local governments
- Understand financial statements issued by federal, state, and local governments
- Generally accepted accounting principles (GAAP) applicable to state and local government
- Fund accounting to record, control and report financial resources
- Budget accounting controls and budget reporting requirements
- Debt and general fixed asset accounting and reporting
- Pending issues that may change state and local government accounting
Who Should Attend?
- Financial Management professionals
What Will the Learning Experience Include?
Phase: 1
Introduce
- Comprehensive pre-program activities include:
- Web-based information forms & surveys completed by attendee.
- Direct consultation with the attendee about the expectations.
- During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
- Participants learn from expert trainers who have both academic and business experiences.
- Highly applicable training content & instructive activities for adding depth to training topics.
- **A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Phase: 2
Explore & Practice
Phase: 3
Apply
- Apply & sustain the learning experience by using this ongoing support:
- To ensure participant has new skills or behavior progress.
- Optional, fee-based mentoring & coaching with the trainer.
- Training materials & additional documents (e-books, pdf files, presentations and articles)
- Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
- Participant's Evaluation
- Trainer's Evaluation
Phase: 4
EVALUATE
Section One
- Terms, Concepts, and Principles
- Forms of Business Formations
- Accounting
- Financial Accounting
- Who Uses Financial Accounting Data
- Full Set IFRS
- Managerial Accounting
- Cost Accounting
- Financial vs Managerial
- Auditing
- Balance Sheet Equation
- Financial Statements
Section Two
- Suspense Account
- Types of Suspense Accounts
- Uses of Suspense Accounts
- Problems of Suspense Accounts
- Recovery Account
- Bad Debts?
- Accounting for A/R
- Bad Debts Recovery
Section Three
- Cost - Volume - Profit (C V P)
- Variable Cost, Fixed Cost, Mixed Cost, Committed Fixed Cost, Discretionary Fixed Cost
- Direct Material, Direct Labor, Manufacturing Overhead
- Prime Cost, Conversion Cost, Period Costs, Product Costs
- Raw Materials, Work in Process, Finished Goods
- Direct costs, Indirect costs, Traditional Income Statements, Contribution Income Statements
- Break-Even in Units, Break-Even in Sales, Target Profit in Units, Target Profit in Sales
- The margin of Safety in Units, Margin of Safety in Sales Percentage, Margin of Safety, Operating Leverage (Degree of)
Section Four
- Managerial Accounting
- Responsibility Accounting
- Self-Imposed Budgets
- Advantages of Self-Imposed Budgets
- Human Factors in Budgeting
- Budgeting
- General Principles of Governmental Accounting
- State and Local Accounting and Financial Reporting
- Federal Accounting and Financial Reporting