Analyze governmental and nonprofit accounting procedures used for the preparation of financial statements to promote accountability in financial reporting and inform decision-making.
Draw the timeline that illustrates the timing of all the events of the situation described above.
August 5, 2017Select any two (2) of the six principles that you think are most important to the study of psychology, then explain your reasons why these are most important?
August 5, 2017Analyze governmental and nonprofit accounting procedures used for the preparation of financial statements to promote accountability in financial reporting and inform decision-making.
Overview
The first final project for this course is the creation of an accounting workbook and accompanying informational report to taxpayers.
Governments are unique in that most of their revenue comes from taxes and fees imposed upon the citizens. It is the responsibility of the government accountant to provide accountability for these funds through financial reports.
By working through this project, you will understand how revenues and expenditures are accounted for in governments. The information is presented in various funds that provide accountability at a more detailed level through fund-level statements. The information is also presented in big-picture form through government-wide statements.
In the accounting workbook and report, you will use course-provided information to (1) analyze government transactions for various funds in accordance with the standards of the Government Accounting Standards Board (GASB);(2) create and use fund financial statements to assist in the creation of government-wide statements; and (3) communicate the results of operations to interested taxpayer groups.
In this assignment, you will demonstrate your mastery of the following course outcomes:
? _Analyze governmental and nonprofit accounting procedures used for the preparation of financial statements to promote accountability in financial reporting and inform decision-making
? _Prepare journal entries, financial statements, and supporting documentation that impact reporting for nonprofit and governmental entities using appropriate accounting standards
? _Evaluate governmental and nonprofit accounting statements in determining the fiscal position of various entities using appropriate tools of the discipline
? _Select accounting methods appropriate to the differentiated needs of governmental and nonprofit organizations
? _Determine appropriate strategies for effectively communicating the differences between private sector, governmental, and nonprofit reporting to stakeholders.
