This document discusses governmental and not-for-profit organizations. It defines them as groups funded by governments to provide public services rather than generate profit. It contrasts their accounting with for-profit businesses and outlines their objectives like accountability, assessing operations, and compliance. The document also covers types of governmental funds, accounting bases like cash, accrual, and modified accrual basis, and components of a comprehensive annual financial report.
The use of Funds in Governmental Accounting NeveenJamal
Governmental Accounting differs from Business enterprise accounting in three major respects:
1 Use a separate funds to accounts for its activities.
2. Use of current financial resources and modified accrual basis.
3. Incorporates Budgetary accounts into the financial Accounting System.
The main objectives of accounting system in government are to provide accountability for resources and to ensure the compliance with budgetary requirements and limitations.
PYA’s Angie Caldwell, a healthcare consulting and financial audit services principal, along with Emily Smithson, a tax services manager, discussed “Finance for the Non-Finance Manager.” Their presentation covered the basics of financial reporting and financial statements and budgeting.
The use of Funds in Governmental Accounting NeveenJamal
Governmental Accounting differs from Business enterprise accounting in three major respects:
1 Use a separate funds to accounts for its activities.
2. Use of current financial resources and modified accrual basis.
3. Incorporates Budgetary accounts into the financial Accounting System.
The main objectives of accounting system in government are to provide accountability for resources and to ensure the compliance with budgetary requirements and limitations.
PYA’s Angie Caldwell, a healthcare consulting and financial audit services principal, along with Emily Smithson, a tax services manager, discussed “Finance for the Non-Finance Manager.” Their presentation covered the basics of financial reporting and financial statements and budgeting.
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
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Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
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Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
If you're looking for an accounting firm that can provide you with accurate and reliable services, you can't go wrong with Adam Global Accounting Services. We offer a variety of accounting practices that are tailored to meet the specific needs of businesses in the UAE. Contact us today to learn more about our services!
https://accountingservices.ae/blogs/accounting/types-of-accounting-practices/
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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1. Introduction and Key Concepts of Sustainability
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
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What are the main advantages of using HR recruiter services.pdf
407_Govt.Acc._26.09.22.pptx
1. Governmental / Not-for-Profit Organization
A government Organization or Public agency is often a government-appointed
group, it can be a permanent or semi-permanent organization and is funded by
the government. Such as national defense, public functions include
the maintenance of domestic peace, public education, fire protection, traffic
control, conservation of natural resources, flood control, and postal services. A
nonprofit organization, also known as a non-business entity, not-for-profit
organization, or nonprofit institution, is a legal entity organized and operated
for a collective, public or social benefit, in contrast with an entity that operates
as a business aiming to generate a profit for its owners.
2. Example of Government / Not for Profit Organization
Different Ministries of the Peoples Republic of Bangladesh
Bangladesh Civil Service Administration Academy;
Bangladesh Road Transport Authority;
Bangladesh Chemical Industries Corporation;
Petrobangla;
Hospital;
Educational Institutions;
Bangladesh Railway;
Bangladesh Power Development Board;
Bangladesh Parjatan Corporation;
Trading Corporation of Bangladesh;
Bangladesh Army etc.
3. Government / Not-for-Profit Organization Vs.
Profit Seeking Organization
Accounting and financial reporting for governmental and not-for-profit
organizations differ from that for businesses. As per Statement of
Financial Accounting Concept (SFAC) No. 4 of the Financial Accounting
Standard Board (FASB) the distinguishing characteristics of
governmental and not-for-profit organizations are as follows:
Receipt of significant amounts of resources from resource providers
who do not expect to receive either repayment or economic benefits
proportionate to the resources provided.
Operating purposes that are other than to provide goods or services at
a profit or profit equivalent.
Absence of defined ownership interest that can be sold, transferred, or
redeemed, or that conveys entitlement to a share of residual
distribution resources in the event of liquidation of the organization.
4. Objectives of Financial Reporting of Government /
Not for Profit Organization
According to Concept Statement No. 1 of the Governmental Accounting
Standard Board (GASB) “Accountability is the cornerstone of all
financial reporting in government”. And the primary objectives are –
Compare actual financial results with the legally adopted budget
Assess financial condition and results of operations;
Assist in determining compliance with finance-related laws, rules, and
regulations;
Assist in evaluating efficiency and effectiveness.
5. As per FASB standards objectives of Financial Reporting are:
To provide-
information useful in making resource allocation decisions;
information useful in assessing services and ability to provide
services;
information useful in management stewardship and performance;
and information about economic resources, obligations, net resources,
and changes in them.
6. Activities of Government
A. Governmental Activities: Government agencies exist to meet
citizens’ demand for services, consistent with the availability of
resources to provide those services. Most general-purpose governments
provide certain core services:
Protection of life and property (police and fire protection);
Public works (streets and highways, bridges and public buildings);
Park and recreation facilities and programs;
Educational, cultural and social services
7. B. Business-types Activities: Governmental business-type activities
frequently operate in an environment. Business-type activities are
generally characterized by an exchange relationship, manifested by user
charges that may be based on the costs of providing a particular service
(electric, water, gas, sewer utilities).
On the other hand, some business-type activities receive significant
operating subsidies, capital grants, or taxes from the general government,
diminishing the role of costs in establishing user charges.
8. All governmental business-type activities, whether performed through
separate, legally constituted entities or as departments of government, are
nevertheless a part of government and are publicly accountable.
C. Fiduciary Activities
It involves when a government is taking care of the money that belongs to
individuals or others outside of the government itself. The criteria generally
focus on: whether a government is controlling the assets of the fiduciary
activity. Specifically, fiduciary duties may include the duties of care,
confidentiality, loyalty, obedience, and accounting.
9. Types of Funds
Governmental units should establish and maintain those funds required by law and
sound financial administration. Unnecessary funds result in inflexibility, undue
complexity, and inefficient financial administration. There are different types of funds,
depending on the structure and type of organization. Typical government funds can
include:
A. Governmental Funds B. Proprietary Funds C. Fiduciary Funds
i. General Fund; i. Enterprise Fund; i. Trust Fund;
ii. Special Revenue Fund; ii. Internal Service Fund. ii. Agency Fund.
iii. Debt Services Fund;
iv. Capital Project Fund;
v. Permanent Funds.
10. Nonprofit funds are usually specific to the mission, so funds could be labeled
as anything that represents those certain activities. Examples could be:
General Fund
Building Fund
Medical Expenses Fund
Special Events Fund
Scholarship Fund
Each fund is separate, with its own expenses and source(s) of income. They
should balance on their own, while still balancing overall using Assets =
Liabilities + Fund Balances. After all, the overall goal and principle of
accounting are to keep everything in balance.
This is just a general overview of fund accounting.
11. Cash Basis Accounting
The cash method of accounting, also known as cash-basis accounting,
cash receipts and disbursements method of accounting or cash
accounting records revenue when cash is received, and expenses when
they are paid in cash. Cash basis refers to a major accounting method
that recognizes revenues and expenses at the time cash is received or
paid out.
Cash-basis accounting is the opposite of the revenue recognition
principle.
12. Example: When buying office supplies, the company typically pays
cash for them. Under cash basis accounting, the company then has a
business expense and a reduction in their cash balance.” The business
would record revenues from sales when the payment actually arrives, 30
days or so after the Invoice is sent.
To use the cash-basis method, you record each transaction as money
changes hands. When you pay a vendor, you record the expense. When a
customer pays you, you record the revenue.
13. Accrual Basis of Accounting
In Accrual accounting basis of accounting revenues or expenses are recorded when
a transaction occurs versus when payment is received or made. The method follows
the matching principle, which says that revenues and expenses should be recognized
in the same period.
Accrual accounting is a method of accounting where revenues and expenses are
recorded when they are earned, regardless of when the money is actually received or
paid. For example, you would record revenue when a project is complete, rather
than when you get paid.
The accrual basis of accounting is the concept of recording revenues when earned
and expenses as incurred. The use of this approach also impacts the balance sheet,
where receivables or payables may be recorded even in the absence of an associated
cash receipt or cash payment, respectively.
14. Accrual Basis vs. Cash Basis Accounting
Accrual basis accounting is the standard approach to recording transactions
for all larger businesses. This concept differs from the cash basis of
accounting, under which revenues are recorded when cash is received, and
expenses are recorded when cash is paid. For example, a company operating
under the accrual basis of accounting will record a sale as soon as it issues
an invoice to a customer, while a cash basis company would instead wait to
be paid before it records the sale. Similarly, an accrual basis company will
record an expense as incurred, while a cash basis company would instead
wait to pay its supplier before recording the expense.
15. Modified Accrual Basis
Modified accrual accounting is an alternative bookkeeping method that
combines accrual-basis accounting with cash basis accounting. It
recognizes revenues when they become available and measurable and,
with a few exceptions, records expenditures when liabilities are incurred.
Modified accrual accounting is a method that combines accrual-basis
accounting with cash basis accounting.
This bookkeeping system combines the simplicity of cash accounting
with the more sophisticated ability of accrual accounting to match
related revenues with expenses.
16. Modified accrual accounting borrows elements from both cash and
accrual accounting depending on whether the assets are long-term or
short-term.
Public companies cannot use this accounting method for financial
statements, but it is widely accepted for use by government agencies.
Public companies cannot use modified accrual accounting because it
does not comply with International Financial Reporting Standards
(IFRS) or the generally accepted accounting principles (GAAP).
17. Comprehensive Annual Financial Report
Introductory section- title page and content page, a letter of transmittal,
a description of the government, and other items deemed appropriate by
management.
Financial Section- an auditor’s report, management’s discussion
(MD&A), and analysis, basic financial statements, required
supplementary information other than MD&A, and other supplementary
information such as combining statements and individual fund
statements and schedules.
Statistical Statements-tables and charts showing demographical and
economic data, financial trends, fiscal capacity, and operating
information of the government.
18. Financial statements used in governmental accounting
The three basic types of financial statements used in governmental
accounting are
the balance sheet;
the statement of revenues and expenditures; and
the statement of changes in the fund balance.