SPEA-V 186 Study Guide - Final Guide: Governmental Accounting Standards Board, Financial Accounting Standards Board, Financial Statement

• School: IU
• Department: Public And Environmental Affairs
• Course: SPEA-V 186
• Professor: Guevara

Document Summary

Finance: concerns the planning and use of financial resources. Accounting: concerns the recording or certified history or use of financial resources. Resources do not have to be cash or tangible transactions. The collective accounting standards set by financial accounting standards board (fasb) and the. Establishes uniformity in the way financial transactions are recorded and reported by public, private and nfp entities. The volunteer board that sets accounting standards for private and non profit organizations. Concurrent recording of financial transactions that includes information such as transaction date, descriptions, amount of transaction. Takes information from journal and organizes it by fund (account) for purposes of preparing key financial statements. Provide local instructions for recording transactions and storing documents. 3 main distinguishing characteristics of government detailed in fasb. Payments to government are made by those who do not expect to receive payment or economic benefits proportionate to the resources that are provided. Purpose is other than to make profits or profit equivalents.