Government Accounting and Reporting

• Describe the major features of government reporting and the government reporting entity.
• Evaluate the Management Discussion & Analysis section for a governmental reporting unit.
• Compare and contrast government accounting with for-profit financial accounting.

Government, General, and Special Revenue Funds

• Analyze the components of the fund financial statements.
• Compare and contrast expenses and expenditures for governmental funds.
• Prepare journal entries for general and special revenue funds.
• Prepare journal entries for nonexchange transactions on government-wide and fund statements.

Journal Entries

• Prepare journal entries for proprietary funds.
• Prepare journal entries for fiduciary funds.
• Prepare journal entries for capital project funds, debt service funds, and permanent funds.
• Compare and contrast proprietary and fiduciary funds.

Financial Statements and Supplementary Information

• Explain the process by which fund financial statements are converted to government-wide financial statements.
• Evaluate the significance of notes to the financial statements.
• Evaluate the benefit of the required supplementary information.

Governmental and Not-for-Profit Organizations

• Analyze reporting requirements for private sector not-for-profit organizations under Financial Accounting Standard Board guidance.
• Compare and contrast accounting for government Special Purpose Entities (SPEs) and private not-for-profit organizations.

Fiscal Policy and Financial Performance

• Analyze the impact on governmental revenue and expenditures of nondiscretionary fiscal policy.
• Identify key performance measures for government and not-for-profit organizations.
• Compare and contrast the use of budgets between governmental and for-profit organizations.