Upon successful completion of this course, participants will be able to: Recognize the entities responsible for formulating accounting standards. Cite the organizational structure used by governmental accounting standards. Specify the different types of funds and how they are used. Describe the accounting structure of a fund. Identify the characteristics of the different bases of accounting. Specify how the accounting treatment for revenue varies, based on when it is received. Recognize the accounting for incurred but unmatured liabilities. Recognize the different types of infrastructure assets. Identify the types of costs that can be included in the cost of a capital asset. Specify when interest costs should and should not be capitalized. Describe the stages of completion associated with the recognition of computer software. Recognize the various indicators of asset impairment. Specify the different types of long-term debt. Recognize the different types of current liabilities. Identify the funds that are more likely to have budgets associated with them. Describe how an encumbrance is used. Cite the different types of interfund activities. Specify the classifications used to track expenditures. Identify the components of net position. Describe the nature of a financial reporting entity. Specify the indicators of control over another entity. Describe the contents of the various components of the annual comprehensive financial report. Describe how the order of liquidity is applied in the statement of net position. Recognize the proper accounting treatment for issued debt. Describe how a negative balance is treated in the restricted net position line item. Identify the different categories used for program revenues. Specify the formula underlying a balance sheet. Specify the disclosures used when there is a related party transaction. Describe the proper accounting for the correction of an error. Define a change in estimate, principle, and entity. Specify the topics that should be covered in the notes to the financial statements. Recognize the circumstances under which an accounting policy should be disclosed. Cite the disclosures needed when future revenues are sold. Identify the circumstances under which a budgetary comparison should be presented. Describe the nature of budgetary control. Recognize the types of funds that must present a statement of cash flows. Specify how a statement of cash flows is constructed. Identify the transactions that are associated with each of the classifications in a statement of cash flows. Recognize the circumstances under which discrete presentation is used in the financial statements. Recognize the factors involved in designating a component unit as major. Cite the circumstances under which a statistical section is included in a set of financial statements. Describe the formulation of fair value for real and personal property. Specify which governments must include overlapping rates information in their financial statements. Recognize the different types of demographic and economic indicators. Specify the types of costs that can be associated with a purchase. Describe the different levels of the fair value hierarchy. Cite the criteria for determining whether risk has been transferred. Specify the accounting to use when a loss has been incurred. Identify the characteristics of a conduit debt obligation. Specify the proper accounting for escheat property. Specify the characteristics of the different inventory costing methods. Recognize the types of costs associated with landfill closure and postclosure activities. Specify the proper accounting for a change in the estimated total current cost of landfill closure and postclosure care. Identify the circumstances under which a lease liability should be revised. Describe the components of the lease receivable asset. Specify the circumstances under which a government does not recognize a nonexchange transaction. Cite the different types of restrictions associated with a grant. Specify the accounting for a pass-through grant.

Governmental Accounting Overview Fund Accounting Basis of Accounting and Measurement Focus Reporting Capital Assets Reporting Liabilities Budget and Budgetary Accounting Common Accounting Transactions Classification and Terminology Financial Reporting Entity Annual Comprehensive Financial Report Financial reporting Considerations Financial Statements Budgetary Reporting Cash Flows Statements Segment Information Reporting Entity and Component Unit Presentation and Disclosure Statistical Section Fair Value Measurement Claims Accounting Conduit Debt Obligations Escheat Property Inventory Landfill Closure and Postclosure Costs Leases Nonexchange Transactions