Introduction Brief Overview of Proprietary Funds in State and Local Government Accounting In this article, we’ll cover how to prepare the statement of revenues, expenses, and changes in fund net position for the proprietary funds of a state or local government. Proprietary funds are a crucial component of state and local government accounting, representing operations

Introduction Overview of State and Local Government Financial Reporting Purpose of Government Financial Statements In this article, we’ll cover understanding the basic concepts and principles regarding proprietary fund financial statements of a state or local government. State and local governments have a unique financial structure compared to private-sector businesses, which necessitates specific accounting and reporting

Introduction Brief Overview of Governmental Accounting In this article, we’ll cover how to prepare the balance sheet for the governmental funds of a state or local government from a trial balance and supporting documentation. Governmental accounting differs significantly from private sector accounting because of the unique needs and purposes of government entities. Unlike for-profit businesses,

Introduction Overview of the Governmental Financial Reporting Requirements In this article, we’ll cover how to prepare the statement of revenues, expenditures, and changes in fund balances for the governmental funds of a state or local government. State and local governments are required to provide financial statements that present their financial activities in a transparent and

Introduction Purpose of Governmental Financial Reporting In this article, we’ll cover understanding the basic concepts and principles associated with governmental fund financial statements. Governmental financial reporting serves a distinct role compared to private sector financial reporting. Its primary purpose is to demonstrate accountability and transparency to the public, elected officials, and other stakeholders. Government entities,