PDF-Introduction to Governmental and Not-for-Profit Accounting (7th Edition)

The Benefits of Reading Books. GOVERNMENTAL ACCOUNTING. Purposes and Sources. What is the organizational purpose of governments?. To promote the well-being of citizens. To provide public services. Note: No generation of returns to owners. Presented by. Leanne T. Cross, CPA. lcross@mjcpa.com. Governmental Acronyms. FASB – Financial Accounting Standards Board. GAAP – Generally Accepted Accounting Principles. GASB – Governmental Accounting Standards Board. 90% of small businesses fail due to poor financial management, lack of internal controls, and inadequate planning.. Why do you need to understand and create accurate financial reports for your business?. The Benefits of Reading Books The Benefits of Reading Books The Benefits of Reading Books The Benefits of Reading Books The Benefits of Reading Books The Benefits of Reading Books The Benefits of Reading Books The Benefits of Reading Books Definition and Governing Bodies. . GAAP PowerPoint #1. Generally Accepted Accounting Principles. Defined as the set of accepted industry rules, practices and guidelines for financial accounting . Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. Introduction. Accounting is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information.. Accounting not only records financial transactions and conveys the financial position of a business enterprise; it also analyses and reports the information in documents called “financial statements.”. Dr.S.BELLARMIN. DIANA. ASSISTANT . PROFESSOR. PG . & RESEARCH DEPARTMENT OF MANAGEMENT . STUDIES. BON . SECOURS COLLEGE FOR WOMEN, THANJAVUR.. INRODUCTION. Accounting serves the purpose of providing financial information relating a business. Such information is provided to people who have an interest in the organization.