Government Accounting

Exam Questions: 120
Course Level: Basic
Pages: 528 | Content: 492, Supplemental: 36
NASBA Area of Study: Accounting - Governmental
Not Acceptable for: Enrolled Agents
Version: 7470B

This course is designed to provide current accounting and reporting standards and practices related to government accounting. It also covers the reasons behind the standards and practices, their strengths and limitations, and possible alternatives. This course covers the changes in the standards as a result of several new GASB Statements that have required implementation over the past several years, including those related to the more rigorous accounting and reporting requirements for pension and health care plans. PLEASE NOTE: Not accepted for Enrolled Agents. If you are interested in an extension of this course related to Not-for-Profit accounting, please see course #7540. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • The Government and Not-for-Profit Environment
  • Fund Accounting
  • Issues of Budgeting and Control
  • Recognizing Revenues in Governmental Funds
  • Recognizing Expenditures in Governmental Funds
  • Accounting for Capital Projects and Debt Service
  • Capital Assets and Investments in Marketable Securities
  • Long-Term Obligations
  • Business-Type Activities
  • Pensions and Other Fiduciaries
  • Issues of Reporting, Disclosure, and Financial Analysis
  • To recognize characteristics of the government accounting environment
  • To recall how funds are used in accounting for governmental activities
  • To identify different budgeting and control methods used by governmental entities
  • To recall various revenue recognition criteria
  • To recall how to properly recognize expenditures in governmental funds
  • To recognize the proper accounting for capital leases and debt service in governmental funds and government-wide statements
  • To identify what costs are properly capitalized and how they should be reported
  • To identify various marketable securities and how they should be reported
  • To recognize characteristics of various long-term obligations and proper reporting treatment
  • To recall the proper accounting treatment for various business-type activities
  • To recognize the factors involved in calculating pensions and how to properly account for them
  • To recall the ways of reporting on component units
  • To recognize the components of the CAFR
  • To identify how to measure a government's fiscal effort

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.