Advanced Federal Accounting (ACCT8004)

Graduate School USA | Advanced Federal Accounting

Advanced Federal Accounting


Through extensive illustrations and discussions, gain a solid understanding of the current legal, administrative funds control and financial reporting requirements that apply to federal agencies. This course provides in-depth coverage of selected federal budget, accounting, and financial management requirements for controlling and proper reporting of the status of federal funds. Attention is given to the recording, reporting, and use of budget and accounting information for both proper financial disclosure and as the basis for decision-making by federal managers.
This course is part of the Master Certificate in Federal Financial Management (MCFFM).

Who Should Attend?

Federal financial management, budgeting, and accounting personnel who desire to refresh or expand their understanding of federal funds control, accounting requirements, and practices. Participants enrolling for this course should be familiar with accounting principles as taught in Introduction to Federal Accounting (ACCT7001A).


Intermediate, Advanced


Introduction to Federal Accounting (ACCT7001A).




32 CE

Class Type:

This course is currently being offered in the following training modalities:

Learning Outcomes:

  • Understand the components of federal budget and accounting fund controls, proper accountability, and reporting of authorized interagency reimbursement transactions
  • Apply the required current budgetary and proprietary accounting standards and procedures for proper funds control, accountability, and disclosure of non-appropriated fund types of activities and/or operations
  • Prepare accrual, adjusting, and closing entries to produce the required status of fund reports and other financial reports
  • Discuss the budget planning and funds control aspects of payroll accounting and financial reporting
  • State some of the essential budget and accounting information needs of the managers of federal agencies, entities, and other nonfederal organizations
  • Explain the interactions of the roles and responsibilities of the Department of Treasury and other federal agencies regarding the perpetual accountability of funds and/or cash of the Federal Government
  • Understand the basic fund control components of financial data sources and how they are used to prepare the required period-end external financial reports
  • Comprehend the fundamental accounting transactions of working capital and revolving fund activities and operations

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Course Outline

Day 1

Lesson 1 – Budget Execution Operations and Agency’s Financial management Information Needs

  • The meaning of federal budget execution
  • Understand the importance in identifying, recording and reporting financial data by “obligations”
  • Actions resulting in obligations that require documentary evidence
  • Financial data needs for operation budgets and financial plans execution

Lesson 2 – Accounting for Federal payroll Obligations and Payments

  • Roles and responsibilities relating to payroll accounting
  • Basic payroll accounting functions and duties
  • Internal control procedures related to payroll accounting

Day 2

Lesson 3 – Inter/Intra Agency Reimbursable Accounting Transactions

  • Purpose of inter/intra agency agreements
  • Economy Act, Title 31 U.S.C. 1535
  • Project Order Act, Title 41 U.S.C. 23
  • Intergovernmental Cooperation Act, 31 U.S.C. 6505

Lesson 4 – Reimbursable Accounting Adjusting, Accrual and Costing Entries

  • Meaning, purpose and requirement of accrual accounting
  • Activities and/or expenses that require accrual transactions
  • Reimbursement accounting procedure

Day 3

Lesson 5 – Working Capital and Revolving Fund (WC/RF) Activities and Operations

  • Benefits of non-appropriated funds activities
  • Funding sources for non-appropriated funds activities

Lesson 6 – Federal Agencies’ Cash Disbursements and Receipts Accounting and Reporting

  • Principal Features of the System of Central Accounts
  • Financial Information consolidated in central accounts
  • Accounts relating to cash financial transactions, operations, and accountability
  • Purpose of FMS Form 224

Day 4

Lesson 7 – External Reporting for Budget Execution Operations

  • Terns and concepts used in reporting SF-133 information
  • Purpose of the SF-133 report or data and the general requirements for submitting it
  • Federal Agencies Centralized Trial-Balance System II (FACTS II)

Lesson 8 – Form and Content of Federal Agency Financial Statements

  • Overview of information in federal financial statements
  • Identify and explain major content of the financial reports
  • Relationship of the financial data in the various financial reports and budgetary reports
  • Comprehend Working Capital and Revolving Fund Operations

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