CMFO Governmental Accounting I 2024

Two features about governmental accounting are distinctive. Governmental accounting shares a managerial decision-making purpose with financial accounting. However, governmental accounting is far more restrictive due to its focus on funds and their usage in compliance with purposes set in the enacted budget. Further, the legal obligation to be accountable can make governmental accounting even more challenging to many practitioners. The authority to require citizens to pay taxes comes with the responsibility to use those resources to achieve the public good. Accounting for public purposes requires both skill and dedication to public service. TOPICS COVERED Function of Accounting The Accounting Cycle Governmental Accounting Standards Basis of Accounting and Measurement Focus Fund Accounting Governmental Funds