Governmental Assets, Liabilities, Revenues, and Expenses
Governmental accounting involves tracking and reporting on financial transactions for public sector entities, focusing on assets, liabilities, revenues, and expenses. Assets represent resources controlled or owned by the government, while liabilities denote obligations or debts. Revenues are inflows of resources resulting from delivering government services, taxes, or grants, whereas expenses pertain to the outflows consumed in the delivery of these services and operations.
Lesson Videos
Governmental Accounting: Measurement Focus and Basis Overview and Objectives
Governmental Fund Structure
Measurement Focus and Basis of Accounting
Current Financial Resources Measurement Focus
Modified Accrual Accounting
Governmental Accounting: Measurement Focus and Basis Summary
Governmental accounting: measurement focus and basis - Practice Questions
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