dirhost.blogg.se - Fund principal definition

#FUND PRINCIPAL DEFINITION PROFESSIONAL#

Debt Service Funds - used to account for the accumulation.Or committed to expenditures for specified purposes other than debt service or capital projects. Or other governments or for major capital projects) that are restricted Specific revenue sources (other than trusts for individuals, private organizations, Special Revenue Funds - used to account for the proceeds of.Includes both the Basic Account and Administrative Accounts. Of the state not required to be accounted for in some other fund. General Fund - used to account for all financial resources.There are five types of governmental funds: The acquisition, use, and balances of the state's expendableįinancial resources and the related current liabilities (except thoseĪccounted for in proprietary funds), are accounted for through governmentalįunds. Governmental funds are used to account for most typical governmentalįunctions. There are three broad categories of funds used in governmental accounting. Which is accounted for as a single entity, a governmental unit is accountedįor through separate funds, each of which is a fiscal and accounting entityįund categories used in governmental accountingįunds are categorized by type to indicate both the sources of the fund's financial resources and the nature of activities financed. It is impossible to record all governmental financial transactions andīalances in a single accounting entity. Of the diverse nature of governmental operations and the numerous legalĪnd fiscal constraints under which those operations must be conducted, Governmental GAAP requires fund accountingĪmong the basic principles of governmental GAAP is fund accounting. Accounting textbooks, handbooks and articles.

#FUND PRINCIPAL DEFINITION PROFESSIONAL#

Literature of other professional associations or regulatory agencies and.

Practices that are widely recognized and prevalent in state and local government.

Pronouncements and literature of the Financial Accounting Standards Board, Federal Accounting Standards Advisory Board, International Public Sector Accounting Standards Board, International Accounting Standards Board and AICPA literature not cleared by the GASB.

Nonauthoritative accounting literature include: If the accounting treatment for a transaction or other event is not specified in either Category A or B, a government generally should first consider accounting principles for similar transactions covered in the above categories and then may consider other nonauthoritative accounting literature that does not conflict or contradict authoritative GAAP. If the accounting treatment for a transaction or other event is not specified by a pronouncement in Category A, a governmental entity should consider whether the accounting treatment is specified by a source in Category B.

GASB Technical Bulletins GASB Implementation Guides and literature of the American Institute of Certified Public Accountants (AICPA) cleared by the GASB (Category B).

The Governmental Accounting Standards Board (GASB) established the following hierarchy of authoritative GAAP for state and local governments:

It details the priority sequence of pronouncements that the state should look to for accounting and reporting guidance. The hierarchy of GAAP governs what constitutes GAAP for state governments, including government-owned colleges and universities and health care providers. With RCW 43.88.037), the Office of Financial Management adopts GAAP

The financial reports of state and local governmental units. GAAP establishesĪppropriate measurement and classification criteria for financial reporting.Īdherence to GAAP provides a reasonable degree of comparability among Of and guidelines to financial accounting and reporting. Generally accepted accounting principles (GAAP) are uniform minimum standards This state adopts Generally Accepted Accounting Principles (GAAP) 80.20 - Generally Accepted Accounting Principles