The study of accounting principles and practices used in government entities, including budgeting, fund accounting, and financial reporting.
Fund Accounting: The system of accounting used by governments and nonprofit organizations to segregate resources according to their intended usage or source of funding.
GAAP for Governments: Generally Accepted Accounting Principles (GAAP) is a set of accounting rules and procedures used in the preparation of financial statements for governmental entities.
Governmental Reporting: The process of preparing and presenting financial information in a manner that is transparent, accurate, and useful for stakeholders.
Budgeting and Forecasting: The process of developing, monitoring, and adjusting budgets and forecasts to ensure that financial goals and objectives are met.
Cash Management: The process of managing the inflow and outflow of cash to ensure that there is adequate cash on hand to meet operational needs.
Asset Management: The process of managing assets owned by the government, including land, buildings, and equipment.
Debt Management: The process of managing and servicing debt, including planning for and managing repayments, and securing new debt when necessary.
Financial Analysis: The process of analyzing financial data to identify trends, patterns, and relationships that can help inform financial decisions.
Auditing and Assurance: The process of performing independent assessments of financial information to ensure that it is accurate, complete, and reliable.
Internal Controls: The policies and procedures put in place to ensure that financial transactions are processed in a manner that is accurate, complete, and reliable.
Fund Accounting: This method of accounting is used by governments to track funds separately based on their purpose and restrictions, such as capital projects, special events, and grants.
Budgetary Accounting: This accounting method is used to track and control spending within a specific budget period. It involves tracking revenues, expenditures, and other financial transactions related to the budget.
Cost Accounting: This type of accounting is used to track the cost of government programs and services, and to ensure that costs are allocated appropriately.
Tax Accounting: This accounting method is used to track and collect taxes owed by taxpayers, including property taxes and sales taxes.
Performance Accounting: This type of accounting is used to measure and evaluate the effectiveness of government programs and services, with a focus on outcomes and impact.
Management Accounting: This type of accounting is used to inform decision-making within government agencies, including cost-benefit analysis, risk assessment, and strategic planning.
Financial Reporting: This type of accounting is used to create financial statements and reports that conform to generally accepted accounting principles (GAAP), including balance sheets, income statements, and cash flow statements.
Auditing: This type of accounting involves the examination of financial records and other information to assess the accuracy, completeness, and compliance of government financial information with applicable laws and regulations.