Government accounting is substantially different from other accounting formats, and at the same time the two methods are essentially alike. Accounting for any entity involves, on the most basic level, balancing expenditures and revenues. However, government accounting has one major departure from standard accounting statements: it mush be reconciled with a budget set up in advance by a governing body, like the city council, state legislature, or, in the federal realm, Congress. This difference does not, however, make the basic precepts of governmental accounting significantly different from other types of accounting. A government accounting statement must track all cash flows, both expected and realized, for an entity that is comprised of possibly hundreds of relatively autonomous entities. Each of these smaller entities has separate budgets, accounts, and in many ways operates independently of the larger entity, such as the state or city. Despite this individuality, a comprehensive report...
(Georgia CAFR 2004) Bear in mind that this is simply a listing of one category of funds encompassed by the state of Georgia; this one heading encompasses funds for administrative services for state agencies, building authority funds for maintenance and purchase of state property, risk management fund that manages worker's compensation, unemployment compensation, and various insurance policies held by the state, among others. (GA CAFR 2004, p.107-108) The state's general balance sheet lists fifteen separate funds in addition to the assets and expenditures for general government operation. (ibid., p. 24)
GASB No.34's government financial reporting model: Evidence on its information relevance, published in The Accounting Review. This article looks at a government accounting regulation, GASB No. 34, which requires lower level governments to provide "consolidated, government-wide financial statements.," which of course will require reconciliation between the different entities and the overall government financial statements. The authors examine this regulation from the perspective of its main objective, which is to
The report reflects the actual figures. Variance columns are presented in comparing the actual with the revised budget. There is reconciliation between the budgetary basis and GAAP are presented on the comparison schedule. The major differences are in how they are reported. There are budgetary comparison schedules provided for reserve funds. All special reserves are included. ("Comprehensive Annual Financial Report," 2012) 3C. Look at the note that describes the basis
Government Subsidized Student Loans Have Economic Costs but Political Benefits Higher education has become increasingly important in the contemporary world scenario today where globalization has led to a higher need for a skilled labor force that is mobile and that is well-versed in the academic disciplines followed all over the world. In fact university education is starting to be seen as a hallmark for success, even though there are college drop
Because the home country is not required to reimburse foreign depositors for losses, there is no corresponding financial penalty for lax supervision; there is, though, a benefit to the country with lenient regulatory policies because of increased revenues generated and the employment opportunities these services provide (Edwards 1999). Furthermore, banks seeking to conduct multinational business are attracted to countries where incorporation laws and the regulatory framework offer less regulatory oversight
Global Refugee Regime Seems to Be Veering Away From Traditional Rules As the threat of war looms large, the situation of those displaced because of violence and fights is becoming the focal point of talks amidst humanitarian groups. Many wrote about the situation in Afghanistan. The last many years have brought about quite a lot of enormous "refugee movements and humanitarian emergencies." More than 50 million people have been displaced by
Accounting System Implemented at Chic Paints Limited Report submitted in order to fulfil the requirements of AAT Accounting Qualification Internal Controls and Fraud Accounting System Review Weaknesses in the Existing System and Recommendations Cost and Benefit Analysis Mapping of report to outcomes and criteria The purpose of this report is to present the findings of the evaluation of existing accounting system implemented at Chic Paints Limited. Chic Paints Limited hired me as an Accounting Technician of
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