Complete two exercises in government accounting.
Just as for-profit businesses must prepare financial statements for their stakeholders, state and local government entities must also assemble their financial data and report the results to their constituents. Readers of government financial statements have a wide variety of information needs; no single set of statements is able to meet the needs of all of the users. Accountability of government officials and control over public spending have always been essential elements of government accounting. The Governmental Accounting Standards Board (GASB) is the authority that is charged with setting accounting standards for state and local government entities.
In addition to the issues you examined in the previous assessment, there remain a number of other asset issues to deal with when governmental accounting procedures are involved. The first such issue involves obtaining assets through leasing arrangements. Government accounting applies the same criteria for identifying a capital lease as a for-profit organization.
These are some examples of governmental accounting situations:
The following resources are required to complete the assessment.
Complete the problems in the Assessment 5 Problems document using the related template, both of which are linked in the Required Resources for this assessment. All financial information and applicable instructions are provided.
In these problems you will:
By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria: