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Fundamentals of Federal Financial Mgmt

Price: $92.50

CPE Credits: 10.00

Category: ,

Course Number: AAGOV8CS

government accounting

Description:
Are you a new federal employee or contractor working with accounting, auditing, budgeting, financial operations, or internal controls?  Have you taken on a new position where federal financial management tasks have been added to your regular duties?  If yes, this book is for you.  This publication provides a short, high level overview of federal financial management that will hopefully help you do your job faster and/or better. It will serve as a baseline for more in-depth courses on federal financial management topics and/or serve as a quick reference manual.  I wish I had this course when I joined the federal government. It would have provided some basic information that took me months or years to learn.   Essential Information for: Accountants, Auditors, Budget Analysts, Financial Analysts ,Others new to the Federal Financial Operating Environment. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Charles Sarahan II., CPA, CGFM

Publication: February 2018

Format: PDF
Pages: 189

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Describe the basic history of Federal Financial management;
  • Differentiate the role of the three branches of the federal government as it pertains to federal financial management.
  • Define the steps involved in creating a federal agency.
  • Define which steps in the creation of a federal agency are mandatory.
  • Differentiate between an appropriation authorization and the appropriation an agency receives.
  • Apply the history of federal financial management laws and understand why they were enacted.
  • Differentiate between which laws would be most applicable to you.
  • Define the types of budget authority.
  • Differentiate between the three basic elements of every appropriation.
  • Understand and be able to apply the necessary expense doctrineand bona fide need rules and how GAO applies them.
  • Define the various types of appropriations.
  • Identify by its symbol whether an appropriation has a duration of one year, multiple years or has an indefinite life.
  • Define how long a continuing resolution can last.
  • Define the meanings and uses of a budget activity code and a budget authority type indicator.
  • Identify the OMBObject Classes and relate them to spending.
  • Define the major USSGLaccount groups.
  • Define what USSGLTransaction Codes mean.
  • Define the USSGLbalancing equations.
  • Define selected USSGLbudgetary accounts and what they mean.
  • Associate which selected USSGLbudgetary accounts are normally associated with direct or reimbursable authority attributes.
  • Define the major activities that follow once an appropriation is received.
  • Define the meaning of tie points.
  • Differentiate the unique characteristics of property accounting.
  • Differentiate between the motivations to capitalize private entities and the federal entity.
  • Differentiate between accountable property, nonaccountable property, and capitalized property.
  • Define the following terms:
    • Capitalization amount.
    • Expected life of an asset.
    • Asset salvage value.
    • Asset in-service date.
    • Depreciation/Amortization.
  • Define the use of depreciation/amortization simplifying conventions.
  • Define the basic types of depreciation/amortization simplifying conventions.
  • Understand that without a good reason, all federal assets should use the straight line method of depreciation.
  • Apply properly the timing of gains and losses.
  • Understand that property accounting takes at least one full time position.
  • Associate the concept of bulk property and its potential applications.
  • Apply the same basic concepts of a relational database to a computer system.
  • Differentiate between a table driven system, a program driven system, and a combination type system.
  • Understand why going off baseline is a bad idea.
  • List the purpose of using a preset system entry.
  • List how to identify true wildcard transactions.
  • Define the limitations of system generated reports.
  • Differentiate between the various contract types.
  • Differentiate between FAR and nonFAR Procurement Actions.
  • Define a COR
  • Differentiate between Congressional temporary deferrals and OMB temporary deferrals.
  • Differentiate between accountant, auditor, and budget analyst speak.
  • Associate the uses of Agency Location Codes and how to decipher one.
  • Differentiate between an IPACversus nonIPAC transaction.
  • Define when an IPACtransaction is appropriate.
  • Be aware of standard federal forms found in financial management.
  • Define what the agency system of record does.
  • Define the basis of accounting used by a federal agency.
  • Differentiate between the various financial statements.
  • List what relevant information sources are available to you.
  • Associate different uses of the following sources:
    • Office of Management and Budget,
    • General Services Administration,
    • Government Accountability Office,
    • Department of the Treasury,
    • Federal Accounting Standards Advisory Board

 

Description:
Are you a new federal employee or contractor working with accounting, auditing, budgeting, financial operations, or internal controls?  Have you taken on a new position where federal financial management tasks have been added to your regular duties?  If yes, this book is for you.  This publication provides a short, high level overview of federal financial management that will hopefully help you do your job faster and/or better. It will serve as a baseline for more in-depth courses on federal financial management topics and/or serve as a quick reference manual.  I wish I had this course when I joined the federal government. It would have provided some basic information that took me months or years to learn.   Essential Information for: Accountants, Auditors, Budget Analysts, Financial Analysts ,Others new to the Federal Financial Operating Environment. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Charles Sarahan II., CPA, CGFM

Publication: February 2018

Format: PDF
Pages: 189

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Describe the basic history of Federal Financial management;
  • Differentiate the role of the three branches of the federal government as it pertains to federal financial management.
  • Define the steps involved in creating a federal agency.
  • Define which steps in the creation of a federal agency are mandatory.
  • Differentiate between an appropriation authorization and the appropriation an agency receives.
  • Apply the history of federal financial management laws and understand why they were enacted.
  • Differentiate between which laws would be most applicable to you.
  • Define the types of budget authority.
  • Differentiate between the three basic elements of every appropriation.
  • Understand and be able to apply the necessary expense doctrineand bona fide need rules and how GAO applies them.
  • Define the various types of appropriations.
  • Identify by its symbol whether an appropriation has a duration of one year, multiple years or has an indefinite life.
  • Define how long a continuing resolution can last.
  • Define the meanings and uses of a budget activity code and a budget authority type indicator.
  • Identify the OMBObject Classes and relate them to spending.
  • Define the major USSGLaccount groups.
  • Define what USSGLTransaction Codes mean.
  • Define the USSGLbalancing equations.
  • Define selected USSGLbudgetary accounts and what they mean.
  • Associate which selected USSGLbudgetary accounts are normally associated with direct or reimbursable authority attributes.
  • Define the major activities that follow once an appropriation is received.
  • Define the meaning of tie points.
  • Differentiate the unique characteristics of property accounting.
  • Differentiate between the motivations to capitalize private entities and the federal entity.
  • Differentiate between accountable property, nonaccountable property, and capitalized property.
  • Define the following terms:
    • Capitalization amount.
    • Expected life of an asset.
    • Asset salvage value.
    • Asset in-service date.
    • Depreciation/Amortization.
  • Define the use of depreciation/amortization simplifying conventions.
  • Define the basic types of depreciation/amortization simplifying conventions.
  • Understand that without a good reason, all federal assets should use the straight line method of depreciation.
  • Apply properly the timing of gains and losses.
  • Understand that property accounting takes at least one full time position.
  • Associate the concept of bulk property and its potential applications.
  • Apply the same basic concepts of a relational database to a computer system.
  • Differentiate between a table driven system, a program driven system, and a combination type system.
  • Understand why going off baseline is a bad idea.
  • List the purpose of using a preset system entry.
  • List how to identify true wildcard transactions.
  • Define the limitations of system generated reports.
  • Differentiate between the various contract types.
  • Differentiate between FAR and nonFAR Procurement Actions.
  • Define a COR
  • Differentiate between Congressional temporary deferrals and OMB temporary deferrals.
  • Differentiate between accountant, auditor, and budget analyst speak.
  • Associate the uses of Agency Location Codes and how to decipher one.
  • Differentiate between an IPACversus nonIPAC transaction.
  • Define when an IPACtransaction is appropriate.
  • Be aware of standard federal forms found in financial management.
  • Define what the agency system of record does.
  • Define the basis of accounting used by a federal agency.
  • Differentiate between the various financial statements.
  • List what relevant information sources are available to you.
  • Associate different uses of the following sources:
    • Office of Management and Budget,
    • General Services Administration,
    • Government Accountability Office,
    • Department of the Treasury,
    • Federal Accounting Standards Advisory Board

 

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