Federal Government Financial Accounting and Management Training Course

Why Select this Training Course?

Accountants in the federal government are tasked with a wide range of responsibilities, including the management of public finances, the investigation of white-collar crime, the auditing of government entities’ financial statements, and the study of new developments in the field of accounting. Government accountants at the state and municipal levels oversee the allocation of tax dollars, conduct audits of spending and income, ensure legal compliance, and provide recommendations for improving fiscal management.

What are the principles of government accounting? 

Accounting is vital to any enterprise as it helps business owners determine cash flow and measure profit and loss. The private sector’s accounting mechanisms differ from those used in government accounting. Government accounting involves recording and managing financial transactions of government entities, such as income and expenditure. Most government expenditures are funded by grants and taxes, resulting in the need for an established accounting standard or principles referred to as generally accepted accounting principles or GAAP. These principles include the matching principle, entire disclosure principle, revenue recognition principle, and historical cost principle. Other tenets of government accounting include system accounting, consolidated transactions, and the classification of income and expenditures.

What are the three primary financial statements used by government bodies?

Financial statements for government accounting analyze the government’s assets and liabilities to show the government’s net assets. Various arms and levels of government utilize these net assets to assess the government’s financial health. The three major types of government financial statements are statements of assets, activities, and cash flows.

The Rcademy Federal Government Financial Accounting and Management Training Course is designed to equip participants with vital knowledge regarding federal government financial accounting, financial reporting, fiscal accountability, and cost accounting. Attendees will also learn about government financial management, budgeting, reporting standards, and how government accounting differs from accounting in private and non-profit sectors. The course also covers the importance of accounting in government, how governments utilize financial accounting, and how to manage the financial needs of government bodies. Upon conclusion of the course, participants would have learned the basics of financial management functions and tools needed to conduct auditing, financial analysis, and internal controls.

Who Should Attend?

The Federal Government Financial Accounting and Management Training Course by Rcademy is designed for professionals within the finance and accounting industry and for persons looking to further their interest in government accounting practices. The following individuals should attend this course:

• Financial Managers: tasked with performing financial analyses and managing the finances of an organization or government body
• Treasury Managers: in charge of managing a company’s cash flow and revenue sources and also responsible for its long-term financial strategy
• Budget analysts: charged with managing a company’s financial expenses to ensure funds allocated are appropriately utilized
• Auditors: responsible for reviewing and verifying the financial records and expenses of a government or company
• Departmental Budget Holders: tasked by a company’s stakeholders to ensure that the company follows its approved budget
• Public Sector Budget Accountants: charged with overseeing the effective operations of financial activities and accounting within the public sector
• Policymakers: responsible for researching and evaluating financial data and assessing the impacts of financial decisions
• Heads of Government Departments: responsible for monitoring, researching, training, and managing financial expenditures of the government
• Tax accountants: tasked with assisting companies and clients with the analysis of financial and income tax statements
• Chief Accounting Officers: responsible for overseeing the accounting functions of a company and also ensuring the company is tax compliant
• Professionals interested in learning about government financial accounting and management

What are the Course Objectives?

The Federal Government Financial Accounting and Management Training Course by Rcademy is designed to help participants achieve the following outcomes:

• Understand the fundamentals of government financial accounting and management
• Learn about the principles of government financial accounting and how they differ from private and non-government entities
• Identify the similarities and differences between the financial statements of private entities and government financial statements
• Recognize the principles of budgeting, types, and purpose in government financial accounting
• Define liabilities, assets, revenues, gains, losses, expenses, and net positions
• Identify the types of government funds that are likely to have budgets associated with them
• Understand the various government funds and their respective accounting structures
• Distinguish between proprietary and budgetary accounting
• Understand the lifecycle of appropriated funds and the five steps of the accounting cycle

How will this Course be Presented?

This course is participant-oriented and is specially designed to meet participants’ expectations and enhance their knowledge and skills. Different renowned approaches and techniques that will ensure constant and active learning by the participants will be employed in presenting this course. The course will be taught by experts with various years of experience and practice. The course modules are curated from in-depth and extensive research on the subject matter.

The Rcademy Federal Government Financial Accounting and Management Training Course integrates practical and theoretical learning by offering participants slides on the concept, case studies, lecture notes, and real-life scenarios. Attendees will also be able to partake in quizzes, presentations, seminar workshops, and constant feedback on the lessons learned to confirm their optimal satisfaction.

What are the Topics Covered in this Course?

Module 1: Introduction to Federal Government Financial Accounting

• The nature of federal accounting
• Historical costs
• Definition of accounting
• Commercial accounting vs government accounting
• Types of government accounting
• Principles of government accounting
• Accrual basis of accounting
• Entity
• Budgetary and proprietary accounting
• Matching principles
• Accounting for funds
• Importance of government accounting

Module 2: The Fundamentals of the Accounting and Budgeting Process

• Legislations regulating government accounting
• The legislative process
• Congressional action
• Budget formulation
• The budget cycle
• Budget execution
• Audit and review

Module 3: The Accounting Cycle

• Introduction and definition of terms
• The accounting processes
• Worksheet
• Unadjusted trial balance
• Recognizing transactions
• Posting
• Recording transactions
• Financial statements
• Adjusting journal entries
• Closing the books
• Statements of government financial concepts and standards

Module 4: Internal Control Structure

• Definition of terms
• The internal control framework
• Objectives of internal control structure
• Components of internal control
  – Monitoring
  – Control activities
  – Risk assessments
  – Information and communication
  – Control environment
• Common control procedures
  – Access controls
  – Analytical reviews
  – Authorisation and approval
  – Review of output
  – Transactional controls
• Payroll processing

Module 5: Accountable Events of the Federal Government

• Allotments
• Appropriation warrant
• Apportionment
• Commitments
• Disbursements and collections
• Obligations
• Allowances, financial plans/operating budgets
• Accounts payable and receivable
• Expired authority/canceled authority
• Adjustments

Module 6: Fundamental Accounting Transactions

• Introduction
• Trial balance
• Receipt and use of appropriation
• Standard general ledger accounts
• Current year of operation
• Types of accounting transactions
• Creating liability

Module 7: Introduction to Government Financial Reporting

• Definition of terms
• Types of financial reporting
• Purpose of financial reporting
• Governmental reporting framework
• Reporting liabilities and capital assets
• Variance analysis
• Benefits of financial reporting
• Entities that utilize financial reporting

Module 8: Introduction to Financial Management

• Introduction and definition of terms
• Types of financial management
• Financial management systems
• Objectives of financial management
• Relationships with other areas of finance
• Core financial management decisions
• Financial Management vs government accounting

Module 9: Analysing Government Financial Statements

• Introduction and definition of terms
• Types of government financial statements
  – Statement of assets
  – Statement of cashflow
  – Statement of activities
• Financial analysis toolkit
• Revenue, debts, and equity
• Designing a governmental financial statement
• Utilizing Excel in developing financial reports

Module 10: The GAAP Principles of Government Accounting

• The history and evolution of GAAP standards/principles
• The essential components of GAAP
• The GAAP principles
  – Principle of consistency
  – Regularity
  – Permanence of methods
  – Sincerity
  – Utmost good faith
  – Continuity
  – Prudence
  – Materiality
  – Periodicity
• Limitations of GAAP
• Impacts of GAAP
• GAAP and non-government entities

Module 11: Closing Entries

• Introduction and definition of terms
• The objectives of closing entries
• Types of closing entry
• Balance revenue and expenses
• Recording a closing entry
• Special considerations
• Stages of closing entry
• The automation of closing entries