Introduction to Federal Accounting (ACCT7001)

Graduate School USA | Introduction to Federal Accounting

Introduction to Federal Accounting

Description:

Gain a solid foundation upon which to build your career in federal accounting. Learn the key concepts of Federal Government accounting, including accrual concepts, maintaining accurate journals and journal vouchers, managing accounts and ledgers, running trial balances and adjusting entries, and reading financial statements.

This course is part of the Master Certificate in Federal Financial Management (MCFFM).

Who Should Attend?

Federal employees who are engaged in financial management, budgeting and accounting functions and operations and who desire to refresh or expand their understanding of federal funds control, accounting requirements and practices.

Tuition:

$ 1,189.00

Credits:

32 CPE's

Class Type:

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

Learning Outcomes:

  • Apply federal accounting and financial management funds control concepts, standards, procedures and practices
  • Recognize and record budgetary and proprietary accounting transactions in the financial system for the individual financial events resulting from the budget execution of appropriations
  • Use the debit/credit journal entry and “T” account posting concepts tools to simplify and facilitate the accuracy of posting accounting transactions to the United States Standard General Ledger (USSGL) accounts
  • Prepare adjusting entries to properly record financial events in the period incurred (accrual accounting)
  • Prepare closing entries to close out nominal/temporary account balances
  • Prepare working, adjusted, and post-closing trial balances and use them to generate external financial reports
  • Prepare a Balance Sheet using the post-closing trail balance
  • Understand the form and content of agency and government-wide external financial reports

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Agenda

Day 1
Lesson 1 -- The Nature of Federal Accounting

  • What is accounting?
  • Similarities and differences between federal and commercial accounting
  • Concepts
  • Entity
  • Going Concern
  • Historical Cost
  • Matching Principle
  • Accrual Basis of Accounting
  • Budgetary and Proprietary Accounting
  • Accounting for Funds

Lesson 2 – The Federal Budget and Accounting Process

  • Legislation Governing Federal Accounting
  • Major Phases of the Budget Cycle
  • Budget Formulation
  • Congressional Action
  • Budget Execution
  • Review and Audit

Day 1 and 2
Lesson 3 – Accountable Events of the Federal Government

  • Appropriation Approval
  • Appropriation Warrant
  • Apportionment
  • Allotment
  • Allowances, Operating Budgets or Financial Plans
  • Commitments
  • Obligations
  • Goods/Services Received, Expenditures, Accrued Expenditures of Revenues
  • Accounts Payable and Receivable
  • Disbursements and Collections
  • Adjustments
  • Expired Authority and/or Canceled Authority

Lesson 4 – Basic Accounting Concepts

  • The Accounting Equation
  • Accounting Terms
  • Types of Accounts
  • Double-Entry Accounting

Lesson 5 – General Journal and U.S. Government Standard General Ledger

  • Purpose of general ledgers
  • Illustration of posting of accounting entries
  • USSGL Chart of Accounts

Day 3
Lesson 6 – Budgetary and Proprietary Accounting (Part 1)

  • SGL Budgetary Accounts and Transactions
  • SGL Proprietary Accounts and Transactions
  • Appropriations and SGL Entries
  • Apportionment and SGL Entries
  • Allotment and SGL Entries
  • Commitments and SGL Entries
  • Obligation and SGL Entries
  • Budgetary SGL Journal Entries, “T” Accounts and Trial Balance

Lesson 7 – Budgetary and Proprietary Accounting (Part 2)

  • Proprietary SGL Structure and Accounts
  • Accounting Events, Transactions and Illustrations
  • Purpose, Use and Limitation of a Trial Balance of SGL Accounts

Day 4
Lesson 8 – Adjusting the Appropriation SGL Accounts

  • Types of Accounts to be Adjusted
  • Reasons why accounts are adjusted
  • Identify financial events that require adjusting entries

Lesson 9 – Closing Entries

  • Accounting system closing process
  • Purposes of closing entries

Lesson 10 – Form and Content of Federal Agency Financial Statements

  • Identify and explain the major content of the financial reports

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