Advanced Financial Accounting

Advance Financial Accounting will focus on US Governmental accounting. Explaining the main focus of governmental accounting, the different type of funds used and the different type accounting process used.

Governmental accounting US Government can levi taxes no other form of accounting has this kind of power. The source of U.S. Governmental accounting is GASB (Governmental accounting standard board) the primary user of these Financial Statement are external users citizens/ School boards/ investor/ Creditors. Internal users are not consider primary user of this information governmental financial reporting is most concerned with Accountability that the resource on the book are real and the Governmental is responsible for them Interperiod equity That the current period revenues is sufficient to pay for current year expenses.

Fund accounting Fund are what make up difference segments of government they are both a fiscal equity and an accounting Equity.

Their are 3 main types of funds
 * 1) Governmental funds: these accounts for sources and balances of general governmental financial resources.
 * 2) Proprietary funds: account for business type activity
 * 3) Fiduciary accounts for resources held by a government as a trustee or an agent for the benefit of others

Proprietary Funds

Fiduciary Funds