Government Accounting

A major comparison is that both the FASB and the GASB both report to the Financial Accounting Foundation’s Board of Trustees ”(gasb.com).

|b. |attempts to satisfy the costing objectives of both financial accounting and management accounting. |

The purpose of the Management’s discussion and analysis (MD&A) is to introduce the basic financial statements and provide an analytical overview of the government’s financial activities. The government entity may include as much detail as wanted as long as it pertains to these eight topics.

The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.

GASB Governmental Accounting Standards Board (Yes.  The correct acronyms are GAAP Generally Accepted Accounting Principles; FASB Financial Accounting Standards Board; GASB Governmental Accounting Standards Board

Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their

In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).

Other accounting literature, including GASB Concepts Statements; pronouncements in categories (a) through (d) of the hierarchy for nongovernmental entities when not specifically made applicable to state and local governments; FASB Concepts Statements; FASAB Statements, Interpretations, and Technical Bulletins, AICPA Issues Papers; International Accounting Standards Committee Statements, pronouncements of other professional associations or regulatory agencies; AICPA Technical Practice Aids; and accounting textbooks, handbooks, or articles.

1. An audit of a government, conducted in accordance with generally accepted auditing standards (GAAS), includes

Xilinx, Inc. designs, develops, and markets complete programmable logic solutions, including advanced integrated circuits, software design tools, predefined system functions delivered as intellectual property cores, customer training, field engineering and technical support. Customers are electronic equipment manufacturers primarily in the telecommunications, networking, computing, industrial, and consumer markets. Products are sold globally through a direct sales management organization and through franchised domestic and foreign distributors. (Source: Company 2007 Form 10-K)

16. Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board?

Working for the District of Columbia Public Schools (DCPS) Educational System, does not present an opportunity to evaluate its performances as a publicly traded company, due to it being a not-for-profit government organization. In as much, DCPS does normally set out strategic efforts, which are not as simple as one may view (Schmitz, 2012), by establishing and completing the list of five-year strategies (DCPS, 2017) in which can be evaluated from several key performances based on planned strategic goals set. These mapped out plans ultimately will determine how well they overall accomplish its visionary mission as a public educational institution (Schmitz, 2012). According to Schmitz (2012), realizing on these planned goals, must be

Record the budget and post to the ledger. 4–C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2012. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (1) Encumbrances of $ 31,000 outstanding at the end of 2011 were re-established. (2) The January 1, 2012, balance of $20,000 in Deferred Revenues relates to the amount of the 2011 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2012 revenues. (3) A general tax levy in the amount of $6,700,000 was made. It is estimated that 3 percent of the tax will be uncollectible. (4) Tax anticipation notes in the amount of $500,000 were issued. (5) Goods and supplies related to all encumbrances outstanding as of December 31, 2011 were received, along with invoices amounting to $30,000; the invoices were approved for payment. The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure when received. (6) All vouchers and the amount due other funds were paid. (7) The General Fund collected the following in cash: 3

In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. Therefore, the FASB plays a vital and important role in protecting the financial well being and the overall stability of our

Table of Contents ................................................................................................................................................ 1 Assignment Background .................................................................................................................................. 2 Bigg-Glowbell Overview ...................................................................................................................................... 3 The Company History ...................................................................................................................................... 3