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Introduction to Federal Accounting

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  • ORegistration open
  • FClass full
  • GGuaranteed to Go
  • RRemote Classroom
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Session Schedule Location Tuition Status
Dec 05 - Dec 08, 2017
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 G
Feb 06 - Feb 09, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Mar 06 - Mar 09, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Apr 03 - Apr 06, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Apr 24 - Apr 27, 2018
08:30 - 16:30 , TUE-FRI
Jacksonville , FL $1199 O
May 01 - May 04, 2018
08:30 - 16:30 , TUE-FRI
New Orleans , LA $1199 O
May 15 - May 18, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Jun 05 - Jun 08, 2018
08:30 - 16:30 , TUE-FRI
San Francisco , CA $1199 O
Jun 12 - Jun 15, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Jun 26 - Jun 29, 2018
08:30 - 16:30 , TUE-FRI
Atlanta , GA $1199 O
Jul 10 - Jul 13, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Jul 24 - Jul 27, 2018
08:30 - 16:30 , TUE-FRI
Seattle , WA $1199 O
Aug 07 - Aug 10, 2018
08:30 - 16:30 , TUE-FRI
Dallas , TX $1199 O
Aug 14 - Aug 17, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Sep 11 - Sep 14, 2018
08:30 - 16:30 , TUE-FRI
Washington , DC $1199 O
Sep 25 - Sep 28, 2018
08:30 - 16:30 , TUE-FRI
San Diego , CA $1199 O
Oct 09 - Oct 12, 2018
08:30 - 16:30 , TUE-FRI
Denver , CO $1199 O
Displaying of 17 sessions Show All Show Less

Course overview

Gain a solid foundation upon which to build your career in federal accounting. Learn the key concepts of Federal Government accounting, including accrual concepts, maintaining accurate journals and journal vouchers, managing accounts and ledgers, running trial balances and adjusting entries, and reading financial statements.

This course is part of the Master Certificate in Federal Financial Management (MCFFM).

This course aligns with the following DoD financial management competencies:
DoD Financial Management CompetencyProficiency LevelHours
Fundamentals and Operations of Accounting 1 28
Fundamentals and Operations of Budget 1 4

Who should attend?

Federal employees who are engaged in financial management, budgeting and accounting functions and operations and who desire to refresh or expand their understanding of federal funds control, accounting requirements and practices. Level: Foundation.

Learning outcomes

  • Apply federal accounting and financial management funds control concepts, standards, procedures and practices
  • Recognize and record budgetary and proprietary accounting transactions in the financial system for the individual financial events resulting from the budget execution of appropriations
  • Use the debit/credit journal entry and “T” account posting concepts tools to simplify and facilitate the accuracy of posting accounting transactions to the United States Standard General Ledger (USSGL) accounts
  • Prepare adjusting entries to properly record financial events in the period incurred (accrual accounting)
  • Prepare closing entries to close out nominal/temporary account balances
  • Prepare working, adjusted, and post-closing trial balances and use them to generate external financial reports
  • Prepare a Balance Sheet using the post-closing trail balance
  • Understand the form and content of agency and governmentwide external financial reports

Course outline

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Day 1
Lesson 1 -- The Nature of Federal Accounting

  • What is accounting?
  • Similarities and differences between federal and commercial accounting
  • Concepts
  • Entity
  • Going Concern
  • Historical Cost
  • Matching Principle
  • Accrual Basis of Accounting
  • Budgetary and Proprietary Accounting
  • Accounting for Funds

Lesson 2 – The Federal Budget and Accounting Process

  • Legislation Governing Federal Accounting
  • Major Phases of the Budget Cycle
  • Budget Formulation
  • Congressional Action
  • Budget Execution
  • Review and Audit

Day 1 and 2
Lesson 3 – Accountable Events of the Federal Government

  • Appropriation Approval
  • Appropriation Warrant
  • Apportionment
  • Allotment
  • Allowances, Operating Budgets or Financial Plans
  • Commitments
  • Obligations
  • Goods/Services Received, Expenditures, Accrued Expenditures of Revenues
  • Accounts Payable and Receivable
  • Disbursements and Collections
  • Adjustments
  • Expired Authority and/or Canceled Authority

Lesson 4 – Basic Accounting Concepts

  • The Accounting Equation
  • Accounting Terms
  • Types of Accounts
  • Double-Entry Accounting

Lesson 5 – General Journal and U.S. Government Standard General Ledger

  • Purpose of general ledgers
  • Illustration of posting of accounting entries
  • USSGL Chart of Accounts

Day 3
Lesson 6 – Budgetary and Proprietary Accounting (Part 1)

  • SGL Budgetary Accounts and Transactions
  • SGL Proprietary Accounts and Transactions
  • Appropriations and SGL Entries
  • Apportionment and SGL Entries
  • Allotment and SGL Entries
  • Commitments and SGL Entries
  • Obligation and SGL Entries
  • Budgetary SGL Journal Entries, “T” Accounts and Trial Balance

Lesson 7 – Budgetary and Proprietary Accounting (Part 2)

  • Proprietary SGL Structure and Accounts
  • Accounting Events, Transactions and Illustrations
  • Purpose, Use and Limitation of a Trial Balance of SGL Accounts

Day 4
Lesson 8 – Adjusting the Appropriation SGL Accounts

  • Types of Accounts to be Adjusted
  • Reasons why accounts are adjusted
  • Identify financial events that require adjusting entries

Lesson 9 – Closing Entries

  • Accounting system closing process
  • Purposes of closing entries

Lesson 10 – Form and Content of Federal Agency Financial Statements

  • Identify and explain the major content of the financial reports
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