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Instructor:Janice H. Fergusson, CPA
Welcome!Welcome!
ACCT 728 – Financial Accounting with a Federal Government Emphasis
ACCT 728 – Financial Accounting with a Federal Government Emphasis
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Day 3Day 3What’s Inside:
Contrast/Compare Accounting for Private Sector, State and Local Governments, and Federal Agencies
Federal Accounting – A Changing Environment
U.S. Standard General Ledger
Federal Accounting Model – Two-Track Accounting System
Accounting Practices for Selected Federal Activities and Transactions
InClass Exercises/Cases/Daily Quiz
What’s Inside:
Contrast/Compare Accounting for Private Sector, State and Local Governments, and Federal Agencies
Federal Accounting – A Changing Environment
U.S. Standard General Ledger
Federal Accounting Model – Two-Track Accounting System
Accounting Practices for Selected Federal Activities and Transactions
InClass Exercises/Cases/Daily Quiz
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Part 1Contrast/Compare Accounting for Private Sector, State and Local Governments,
and Federal Agencies
Part 1Contrast/Compare Accounting for Private Sector, State and Local Governments,
and Federal Agencies
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Who Establishes Accounting Rules
United States
United States
GloballyGlobally
FASBFASB IASBIASB
GAAPGAAP IFRSIFRS
Private Sector (for profit entities)
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Who Establishes Accounting Rules
State and Local
State and Local FederalFederal
GASBGASB FASABFASAB
GAAPGAAP GAAPGAAP
Public Sector (Governments)
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Governmental accounting - not a “whole new ball game”
Game played by slightly different rules
Private vs Public Sectors
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Private Sector Public Sector1934
1973 FASB
1984 GASB
Development of GAAP
FASAB1990
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Operating motive: Businesses want to maximize income from revenues
and other resources Governments want to maximize services provided
from revenues and other resources
Private vs Public Sectors (Organizational Objectives)
Operational focus: Businesses must report quarterly but look to the
long-term as well Governments operate on an annual budget, so
current year is of primary importance
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Businesses raise resources from: Sale of goods and services to customers Capital stock Debt transactions
Private vs Public Sectors (Sources of Financial Resources)
Governments raise resources from: Involuntary contributions – taxes! Revenues from other government entities (grants) Donations Charges for goods and services Debt transactions (typically not used for operations)
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In Businesses: Continuing a product or service determined by
success in marketplace
Private vs Public Sectors (Evaluating Performance & Operating Results)
In Government Organizations: Profit not a motive, so performance frequently
difficult to measure Some services provided not found elsewhere,
so no competition Can force financial resources through taxation Face rules/regulations not found in private sector
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Both use budgetary accounting
Both use funds
Federal vs State and Local
Use of Cash State and Locals
use banks
Federal – US Treasury is the bank
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“In short, a “fund” is an independent accounting entity with a self-balancing set of accounts
In other words, an entity with its own set of books (i.e., chart of accounts, general journal, general ledger, trial balances, and financial statements)
Fund Accounting
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Why?
To control and segregate resources that are externally restricted and internally (managerially) designated
To ensure and demonstrate compliance with legal and administrative requirements
Fund Accounting
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GOVERNMENTAL FUNDS General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Permanent Funds
PROPRIETARY FUNDS Enterprise Funds Internal Service Funds
FIDUCIARY FUNDS Pension Trust Funds Investment Trust Funds Agency Funds Private Purpose Trust
Funds
Types of Funds Used – State/Locals
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NONEARMARKED FUNDS General Fund
EARMARKED FUNDS Special Funds Trust Funds Revolving Funds Deposit Funds
Types of Funds Used – Federal
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Part 2Federal Accounting –
A Changing Environment
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US Federal Government is largest governmental entity in the world, comprised of:
Three Branches of Government (Legislative, Executive, Judicial)
Numerous offices (e.g., Office of Management and Budget)
Many Departments (e.g., Department of Defense)
Many Independent Establishments and Government Corporations (e.g., Postal Service, SEC, CIA)
Federal Government
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Several acts of Congress directed toward federal financial management:
Budget and Accounting Procedures Act of 1950
Supplemental Appropriation Act of 1955
Public Law 84-863 (1956)
Congressional Budget and Impoundment Act of 1974
Federal Managers’ Fiscal Integrity Act (FMFIA) of 1982
Federal Credit Reform Act of 1990
Federal Government Financial Management
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Several acts of Congress affect federal government financial management:
Chief Financial Officers Act (CFO) of 1990
Government Performance and Results Act (GPRA) of 1993
Government Management Reform Act (GMRA) of 1994
Federal Financial Management Improvement Acct (FFMIA) of 1996
Accountability of Tax Dollars Act (ATDA) of 2002
Federal Government Financial Management
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Financial Accounting Responsibilities
Oversight agencies Department of the Treasury Office of Management and Budget (OMB) Government Accountability Office (GAO)
Federal Accounting Standards Advisory Board (FASAB)
Individual agencies
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Department of the Treasury
Acts as chief accountant and bankerPrimary functions
Central accounting and reporting, including developing government-wide consolidated financial statements
Cash receipt and disbursement management Management of the public debt Supervision of agency borrowing from the Treasury Maintenance of government-wide Standard General Ledger
(SGL) Issue Treasury Financial Manual, which contains agency
proprietary reporting requirements and requirements to implement the SGL
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Office of Management and Budget (OMB)
Broad financial management powers Independent of Executive Branch – responsible only to
Congress Primary duties:
Apportion enacted appropriations among agencies and establish reserves in anticipation of cost savings, contingencies, etc.
Set requirements for accounting and reporting on budget execution
Prescribe form and content of financial statements Provide guidance on all matters related to budget
preparation and execution Issue OMB Circulars & Bulletins
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Government Accountability Office (GAO)
Headed by Comptroller General of United States Independent Agency in Legislative Branch Primary duties
Serves Congress in the general oversight of the executive branch
Independent legislative auditor of federal government Prescribe principles and standards for federal agency
accounting and financial reporting, internal control, accounting systems, and auditing
Auditing financial statements of federal agencies
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Financial Accounting Standards Advisory Board (FASAB)
Created jointly by Treasury, OMB, and GAO in 1990 Promulgates accounting principles and standards to be
followed by federal agencies Nine member board
One each from Treasury, OMB, and GAO Six non-federal members, one of whom serves as
Chairman More information available at www.fasab.gov
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FASAB Accounting Standards Recognized as GAAP for federal agencies by
AICPA SAS No. 91, Federal GAAP Hierarchy Currently, FASAB has issued
6 Statements of Federal Financial Accounting Concepts
45 Statements of Federal Financial Accounting Standards
7 Interpretations Numerous Technical Bulletins and other documents
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Part 3U.S. Standard General Ledger
Part 3U.S. Standard General Ledger
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Standard General Ledger
Developed in 1986 and implemented in 1988 Integration of budgetary and proprietary
accounts required 6-digit USSGL account numbers provided Central agency reporting requires lower level
of detail
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Principal SGL Accounts
100000 Asset Accounts
200000 Liability Accounts
300000 Net Position Accounts
400000 Budgetary Accounts
500000 Revenues/Other Financing Sources
600000 Expenses
700000 Gains/Losses/Miscellaneous
800000 Memorandum
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Visit Blackboard
https://blackboard.sc.edu
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Part 4Federal Accounting Model –
Two-Track Accounting System
Part 4Federal Accounting Model –
Two-Track Accounting System
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Two-Track Accounting System
Focus of federal accounting is broad – information needed for management of resources (proprietary track) as well as for compliance with fund control requirements (budgetary track) – dual track
Many transactions require entry to record the budgetary effect and separate entry to record the proprietary effect
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Event Description Budgetary Accounting Proprietary Accounting
Appropriations: Treasury notifies the agency that Congress passed legislation (signed by the President) granting budgetary authority to fund its activities
Appropriations realized 12,000,000 Unapportioned authority 12,000,000
Fund balance with Treasury 12,000,000 Unexpended appropriations 12,000,000
Apportionment: OMB apportions ¼ of the appropriated amount which may now be expended for first quarter activities.
Unapportioned Authority 3,000,000 Apportionments 3,000,000
No journal entry required
Allotment: The head of the agency allots a portion of the apportionment to the heads of subunits within the agency. The subunits may now expend resources.
Apportionments 2,500,000 Allotments 2,500,000
No journal entry required
Obligations (commitments): A unit of the agency places orders for goods and services related to its activities.
Allotments 1,900,000 Obligations – undelivered orders 1,900,000
No journal entry required
Expenditure: Some of the items ordered above (equipment of $ 100,000 and services of $ 800,000) are received and approved for payment.
Obligations – undelivered orders 900,000 Expended Appropriations 900,000
Equipment 100,000Operating (program) expense 800,000 Accounts payable 900,000 Accounts payable 900,000 Fund balance with Treasury 900,000
Typical Journal Entries – Federal Agency
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How Budgetary Accounts Work
Budgetary resources (appropriations) are represented by debits.
Credits reflect the status of the resources within the spending process.
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‘Credits’ reflect status of resources within spending process
Amount Status
$ 9,000,000 Unapportioned authority: Amount to be apportioned to the agency over the remaining three quarters of the year.
500,000 Apportionments: Current quarter resources not yet allotted by agency head to specific subunits of the agency.
600,000 Allotments: Resources currently available to agency offices, but not yet committed by placing orders for goods or services.
1,000,000 Obligations for undelivered orders: Commitments for outstanding purchase orders for goods and services not yet received.
900,000 Expended appropriations: Amounts expended on goods and services received.
$ 12,000,000 Total appropriation
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How Proprietary Accounts Work
Proprietary accounts measure assets, liabilities, revenues and expenses in much the same manner as accrual basis accounting.
‘Unexpended appropriations’ represents source of funds to federal agency
‘Fund Balance with Treasury’ - agencies typically do not maintain cash balances
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Part 5Accounting Practices for Selected Federal
Activities and Transactions
Part 5Accounting Practices for Selected Federal
Activities and Transactions
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Case Illustration
Prepared for fiscal year 2014 Activities financed with single-year appropriation Simplifications for examples
Assume general ledger control accounts are employed Presentation is only general ledger entries Summary entries presented Closing entries not shown on slides
Effects of transactions on budgetary and proprietary accounts
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T1 – Congress Enacts Appropriation
Budgetary Entry
Appropriations Realized
Unapportioned Authority
Proprietary Entry
Fund Balance with the Treasury—2014
Unexpended Appropriations—2014
225,000
225,000
225,000
225,000
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T2 – OMB Apportionment
Similar budgetary entries would be made each quarter. By the end of the year, a total of $220,000 will have been recorded in these accounts ($225,000 appropriation less a $5,000 holdback by OMB).
Budgetary Entry — First Quarter entry
Unapportioned Authority
Appropriations
Proprietary Entry — None
68,000
68,000
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T3 – Agency Administrative Allotments
Budgetary Entry
Appropriations
Allotments
Proprietary Entry — None
214,000
214,000
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T4 – Preliminary Requests
Budgetary Entry
Allotments
Commitments
Proprietary Entry — None
48,000
48,000
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T5 – Supply Purchase Orders Approved
Budgetary Entry
Commitments
Undelivered Orders
Proprietary Entry — None
37,000
37,000
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T6 – Received Supplies
Budgetary Entry
Undelivered Orders
Allotments
Expended Appropriations – Unpaid
Proprietary Entry
Inventory for Agency Operations
Accounts Payable
Unexpended Appropriations – 2014
Appropriations Used
30,000
500
30,500
30,500
30,500
30,500
30,500
(Estimated cost $30,000; $7,000 still outstanding; invoice $30,500)
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T7 – Used Supplies
Budgetary Entry — None
Proprietary Entry
Operating/Program Expenses
Inventory for Agency Operations
25,000
25,000
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T8 – Checks Ordered in 2013, Issued in 2014
Budgetary Entry
Expended Appropriations – Unpaid
Expended Appropriations – Paid
Proprietary Entry
Disbursements in Transit
Fund Balance with Treasury - 2013
12,000
12,000
12,000
12,000
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T9 – Travel Orders Issued
Budgetary Entry
Allotments – Realized Resources
Undelivered Orders – Unpaid
Proprietary Entry — None
1,200
1,200
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T10 – Request for Travel Advance Checks
Budgetary Entry — None
Proprietary Entry
Advance to Others
Disbursements in Transit
1,000
1,000
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T11– Travel Advances Paid
Budgetary Entry
Undelivered Orders – Unpaid
Undelivered Orders – Paid
Proprietary Entry
Disbursements in Transit
Fund Balance with Treasury - 2014
1,000
1,000
1,000
1,000
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T12 - Paid Travel Vouchers
Budgetary Entry
Allotments – Realized Resources
Undelivered Orders – Unpaid
Undelivered Orders – Paid
Expended Appropriations – Unpaid
Expended Appropriations – Paid
50
120
880
170
880
Slide 1 of 2
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T12 - Paid Travel Vouchers
Proprietary Entry
Operating/Program Expenses – Travel
Advances to Others
Accounts Payable
Unexpended Appropriations – 2014
Appropriations Used
1,050
1,050
880
170
1,050
Slide 2 of 2
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T13 – Travel Checks Ordered
Budgetary Entry — None
Proprietary Entry
Accounts Payable
Disbursements in Transit
170
170
Since travel advances of $880 had already been paid, the travelers only need another $170 to complete the reimbursements.
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T14– Collected Prior Year Travel Advances
Budgetary Entry
Undelivered Orders – Paid
Expired Authority
Proprietary Entry
Fund Balance with Treasury - 2014
Advances to Others
800
800
800
800
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T15 – Checks Issued by Treasury
Budgetary Entry
Expended Appropriations – Unpaid
Expended Appropriations – Paid
Proprietary Entry
Disbursements in Transit
Fund Balance with Treasury - 2014
170
170
170
170
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T16 - Expenses Not Previously Accrued
Budgetary Entry
Allotments – Realized Resources
Expended Appropriations – Unpaid
24,700
24,700
Slide 1 of 2
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T16 - Expenses Not Previously Accrued
Proprietary Entry
Operating/Program Expenses – Rent
Operating/Program Expenses – Utilities
Operating/Program Expenses – Misc.
Accounts Payable
Unexpended Appropriations – 2014
Appropriations Used
13,000
8,200
3,500
24,700
24,700
24,700
Slide 2 of 2
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T17 – Purchase Orders Approved and Placed
Budgetary Entry
Commitments
Allotments – Realized Resources
Undelivered Orders – Unpaid
Proprietary Entry — None
10,500
300
10,200
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T18 – Equipment Received
Budgetary Entry
Undelivered Orders – Unpaid
Allotments – Realized Resources
Expended Appropriations – Unpaid
Proprietary Entry
Equipment
Accounts Payable
Unexpended Appropriations – 2014
Appropriations Used
10,200
10,000
10,000
200
10,000
10,000
10,000
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T19 - Salaries and Wages Paid
Budgetary Entry
Allotments – Realized Resources
Expended Appropriations – Unpaid
Expended Appropriations – Paid
126,000
8,000
134,000
Slide 1 of 2
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T19 - Salaries and Wages Paid
Proprietary Entry
Accrued Funded Payroll and BenefitsOperating/Program Expenses – Salaries/Benefits
Fund Balance with Treasury – 2013
Fund Balance with Treasury – 2014
Unexpended Appropriations – 2014
Appropriations Used
8,000
126,000
126,000
8,000
126,000
126,000
Slide 2 of 2
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T20 – Commitments Places for Services
Budgetary Entry
Allotments – Realized Resources
Commitments
Proprietary Entry — None
3,000
3,000
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T21 – Services Contract Approved
Budgetary Entry
Commitments
Undelivered Orders – Unpaid
Proprietary Entry — None
3,000
3,000
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T22 – Received Contracted Services
Budgetary Entry
Undelivered Orders – Unpaid
Expended Appropriations – Unpaid
Proprietary EntryOperating/Program Expenses – Contractual Services
Accounts Payable
Unexpended Appropriations – 2014
Appropriations Used
3,000
3,000
3,000
3,000
3,000
3,000
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T23 – Checks Requested from Treasury
Budgetary Entry — None
Proprietary Entry
Accounts Payable
Disbursements in Transit
95,200
95,200
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T24 – Checks Issued by Treasury
Budgetary Entry
Expended Appropriations – Unpaid
Expended Appropriations – Paid
Proprietary Entry
Disbursements in Transit
Fund Balance with Treasury – 2013
Fund Balance with Treasury – 2014
85,000
85,000
85,000
30,000
55,000
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T25 – Depreciation Recorded
Budgetary Entry — None
Proprietary Entry Operating/Program Expenses – Depreciation
Accumulated Depreication2,500
2,500
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T26 - Accrual of Salaries and Benefits
Budgetary Entry\
Allotments – Realized Resources
Expended Appropriations – Unpaid
Proprietary Entry Operating/Program Expenses – Salaries/Benefits
Accrued Funded Payroll and Benefits
Unexpended Appropriations – 2014
Appropriations Used
7,000
7,000
7,000
7,000
7,000
7,000
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T27 – Increased Liability for Accrued AL
Budgetary Entry — None
Proprietary Entry Future Funded Expenses
Accrued Unfunded Annual Leave10,000
10,000
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Day 3
The
End!