Governmental Accounting 100
What you'll learn
- Governmental Accounting Objectives & Reporting Requirements
- Fund Accounting Foundations
- State & Local Governmental Accounting Principles & Financial Reporting
- How to Record Transactions for Budgetary Accounts & Encumbrances
- How to Create & Analyze Governmental Operating Statement Accounts & Budgetary Accounts
- How to Record Transactions for Encumbrances, Expenditures, & Delinquent Receivables
- How to Record Revenue Transactions in Both the General Fund & Government Wide Level
- How to Record Tax Anticipation Note & Closing Entries
- How to Record Transactions to Both the General Fund & Government Wide Level
- Go to Create Subsidiary Ledgers
- How to Record Supplies Inventory – Consumption Method & Purchases Method
- Understanding of basic accounting terms
Governmental accounting, including fund accounting financial transactions, focusing on the general fund and government-wide activities.
We will work through many example problems as we learn the material, posting transactions to a trial balance, so we can see how accounts behave. Many governmental accounts are new to many learners, and we will be using different accounting methods than just an accrual method. Posting transactions and seeing a trial balance will be very helpful in learning the material and is something lacking in most courses on the subject.
We will discuss the governmental accounting objectives and reporting requirements, comparing them to for-profit entities. The course will assume we are familiar with for-profit accounting and will, therefore, focus on the areas of governmental accounting that are different, although we will continue to work with core concepts like the double entry accounting system.
Learners and instructor will examine state and local governmental accounting principles & financial reporting.
We will record transactions for budgetary accounts & encumbrances. Recording budgetary accounts will be new for many learners familiar with financial accounting, but we will use double entry accounting principles for the process.
The course will explain and analyze governmental operating statement accounts & budgetary accounts.
Learners and instructor will record transactions for encumbrances, expenditures, & delinquent receivables. We will emphasize when a modified accrual method will be used, and what the differences in recording financial transactions will be when used, as compared to an accrual method.
We will record transactions related to revenue in both the General Fund and at the government-wide activities level.
The course will discuss tax anticipation notes and how they will be recorded under a modified accrual method.
Learners and instructor will explore many examples of the closing process, closing out temporary accounts. We will compare the closing process for governmental entities to the closing process in for-profit accounting.
We will examine how to create subsidiary ledgers related to revenue, estimated revenue, appropriations, encumbrances, and expenditures.
The course will provide examples of recording supplies using the consumption method and purchases method, explaining the differences between the two.
Who this course is for:
- Accounting students
- CPA Exam Candidates
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.