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Federal Financial Systems & Policies

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  • ORegistration open
  • FClass full
  • GGuaranteed to Go
  • RRemote Classroom
Multiple Registrations?
Session Schedule Location Tuition Status
Dec 12 - Dec 14, 2017
08:30 - 16:30 , TUE-THU
Washington , DC $899 G
Mar 06 - Mar 08, 2018
08:30 - 16:30 , TUE-THU
Washington , DC $899 O
Jun 19 - Jun 21, 2018
08:30 - 16:30 , TUE-THU
Washington , DC $899 O
Jul 17 - Jul 19, 2018
08:30 - 16:30 , TUE-THU
San Diego , CA $899 O
Aug 21 - Aug 23, 2018
08:30 - 16:30 , TUE-THU
Washington , DC $899 O
Dec 04 - Dec 06, 2018
08:30 - 16:30 , TUE-THU
Washington , DC $899 O
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Course overview

This course covers the various financial systems used by the federal government to manage public funds and the legislation, regulations, and policies associated with these systems. You will become familiar with the characteristics of financial systems and the factors that distinguish financial systems from other systems used by the federal government. You will learn the basics of federal accounting, Activity Based Costing, and Earned Value Management.

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

Additional Information:
View Course Selection Guides.

This course aligns with the following DoD financial management competencies:
DoD FM CompetencyProficiency LevelHours
Accounting Concepts, Policies, and Principles 3 8
Financial Management Systems 1 20
Fundamentals and Operations of Accounting 3 4

Please note: Effective October 1, 2016, the length of this course will change to 3 days and the credit will change to 24 CPE.

Who should attend?

Budget, accounting, auditing, financial and administrative personnel.

Level: Intermediate.

Learning outcomes

  • Identify key legislation impacting federal financial systems
  • Describe the nature and functions of a federal financial system
  • Explain the value of Earned Value Management (EVM) to financial management
  • Analyze Activity Based Costs (ABC)
  • Identify the basic concepts of accounting
  • Define the differences between proprietary and budgetary accounting

Course outline

Day One

Module One

  • Nature and functions of a financial system
  • Managers’ internal control responsibilities
  • Information requirements and policies for financial systems
  • Key federal financial organizations and how their responsibilities overlap
  • Federal budget process
Module Two
  • Relationship between financial management and financial systems
  • Differences between budgetary and proprietary accounting
  • Accounting standards
  • Earned Value Management (EVM)

Day Two

Module Three
  • Federal financial environment
  • Basic cost accounting, terms, and systems
  • Activity based costs (ABC)
  • Traditional vs. activity based methods
  • Unit-cost analysis and its benefits
Module Four
  • EVM terminology and application
  • EVM vs. ABC
  • Use of EVM as a risk management tool for capital investments
  • Integration of EVM into acquisition strategy for capital investments

Day Three

Module Five
  • Relationship between budget execution and proprietary accounting
  • Basic accounting concepts and terms
  • The accounting cycle
  • Purposes of a journal, general ledger accounts, and trial balances
Module Six
  • Concurrent and reciprocal events of budgetary and proprietary accounting
  • Accounting entries recorded in the journal to reflect the:
    • Receipt of the budgetary authority,
    • Subdivisions of the funding authority, and
    • Uses of the funding authorities
  • Posting information to general ledger accounts
  • Adjusting and closing processes at the conclusion of the fiscal period
  • Contents of financial statements
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