Examples of Governmental accounting in the following topics:
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- Governmental and nonprofit accounting follow different rules from those of commercial enterprises.
- Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities.
- There is an important difference between private sector accounting and governmental accounting.
- The governmental accounting system has a different focus for measuring accounting than private sector accounting.
- Governmental and Nonprofit accounting follow different rules to those of commercial enterprises.
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- Socially responsible trends include corporate citizenship policies, social investing, sustainable accounting & social entrepreneurship.
- Sustainability accounting has increased in popularity over the past few decades.
- As a result of this action, stakeholders, suppliers, and governmental institutions have a better understanding of how companies manage their resources to achieve sustainable development.
- Sustainability accounting connects a company's strategies to a sustainable framework by disclosing three dimensions of information: environmental, economic, and social.
- Today, non-profits, non-governmental organizations, foundations, governments, and individuals play a role in promoting, funding, and advising social entrepreneurs around the world.
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- Examples of bootstrapping include: Owner financing, sweat equity, minimization of the accounts receivable, joint utilization, delaying payment, minimizing inventory, subsidy finance, and personal debt.
- Examples of Bootstrapping: Owner financing Sweat equity Minimization of the accounts receivable Joint utilization Delaying payment Minimizing inventory Subsidy finance Personal Debt
- Some of these sources provide not only funds, but also financial oversight, accountability for carrying out tasks and meeting milestones, and in some cases, business contacts and experience.
- A non-governmental organization (NGO) is a legally constituted organization created by natural or egal persons that operates independently from any form of government.
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- In Australia, these benefits are paid through the income taxes, but payments are issued by Centrelink, a governmental office that seeks to support unemployed individuals and help them become self-supporting (Centrelink).
- For example, if a company offers employees a flexible spending account, money that employees receive in this account may be deducted from total earnings on employees' tax returns.
- Employees can "use pre-tax dollars to pay for eligible health care and dependent care expenses", however any money that remains in the account at the end of the year will be forfeited (SHPS).
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- (‘Business Can Do It with Government's Help', The Economist)
- Taxes on interest, savings plans, retirement accounts and college tuition accounts could also be eliminated.
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- Management accounting is one of the most interesting and broad-minded applications of the accounting perspective.
- When looking at traditional financial accounting, managerial accounting differs in a few key ways:
- Financial accounting is generally historical, while managerial accounting is about forecasting.
- Financial accounting looks at the company holistically, while financial accounting can zoom in at various levels (i.e. product level, division level, etc.)
- Lean Accounting: During the days when the Toyota Production System was just becoming celebrated as a leaner process, accountants began to consider the restrictions of traditional accounting methods on lean processes.
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- The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the de facto dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world.
- Organizational ethics express the values of an organization to its employees and other entities, irrespective of governmental and/or regulatory laws.
- Fairness in trading practices, trading conditions, financial contracting, sales practices, consultancy services, tax payments, internal audits, external audits, and executive compensation also fall under the umbrella of finance and accounting.
- Specific corporate ethical/legal abuses include creative accounting, earnings management, misleading financial analysis, insider trading, securities fraud, bribery/kickbacks, and facilitation payments.
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- Most of a company's stakeholders consume its accounting information in one form or another.
- Early accounts served mainly to assist the memory of the businessperson, and the audience for the account was the proprietor or record keeper alone.
- This development resulted in a split of accounting systems for internal (i.e., management accounting) and external (i.e., financial accounting) purposes and, subsequently, also in accounting and disclosure regulations and a growing need for independent attestation of external accounts by auditors.
- Because these users have different needs, the presentation of financial accounts is very structured and subject to many more rules than management accounting.
- The body of rules that governs financial accounting in a given jurisdiction is the Generally Accepted Accounting Principles, or GAAP.
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- This development resulted in the division of accounting systems for internal (i.e. management accounting) and external (i.e. financial accounting) purposes.
- Accounting that concentrates on reporting to people inside the business entity is called management accounting.
- Accounting that provides information to people outside the business entity is called financial accounting.
- The body of rules that governs financial accounting is called Generally Accepted Accounting Principles, or GAAP.
- Explain the history of accounting and how accounting information is useful
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- In the double-entry accounting system, each accounting entry records related pairs of financial transactions for asset, liability, income, expense, or capital accounts.
- The rules for formulating accounting entries are known as "Golden Rules of Accounting".
- The accounting entries are recorded in the "Books of Accounts".
- Following this approach, accounts are classified as real, personal, or nominal accounts.
- Real accounts are assets.