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Fund Accounting | Fund Balance | Elements of Governmental Financial Statements | CPA Exam FAR

In this video, I discuss fund accounting.Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. Fund accounting is tested on the CPA exam and covered in governmental accounting course. Farhat Accounting lectures can teach teach fund accounting www.farhatlectites.com

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Government and not‐for‐profit organizations establish their accounting systems on a fund basis. In governmental and not‐for‐profit accounting, the term fund has a different meaning than it does in business accounting. In business accounting, funds typically refer either to working capital (current assets less current liabilities) or to selected elements of working capital (such as cash and investments), and only a single accounting entity is used to account for all the activities of a business. The crux of nonbusiness accounting is fund accounting, and it forms the basic building block of governmental accounting and financial reporting. It is an accounting device that an entity uses to keep track of specific sources and uses of funds. In governmental and not‐for‐profit
accounting, a fund is a fiscal and an accounting entity. Each fund has its own self‐balancing set of accounts from which financial statements can be prepared.
Thus governmental and not‐for‐profit entities customarily use several funds—that is, sev- eral fiscal and accounting entities—to account for their resources and activities. A government’s fund structure rarely mirrors its organizational structure. The number and types of funds that a governmental entity uses is not dependent upon its size but rather upon how the government is organized, its sources of revenue, and the services it provides.

Видео Fund Accounting | Fund Balance | Elements of Governmental Financial Statements | CPA Exam FAR канала Farhat's Accounting Lectures
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Информация о видео
9 июня 2017 г. 7:13:53
00:39:25
Яндекс.Метрика