Budgeting and Accounting: Making the Connection

Budgeting and Accounting: Making the Connection Gain a deep understanding and insight into why federal budgeting and accounting is challenging for accountants and budgeteers alike. Eliminate your insecurities about the requirements of federal budgeting and accounting with an introduction to these functions, as well as their integration into the federal financial management process. Through a discussion-based class where you will share experiences with others in similar roles, you will learn about these concepts to improve your approach to financial management. Learning Objectives Make the connection between budgeting and accountingApply budget and accounting terminology appropriatelyTrack budgetary and proprietary accounting transactions through the budget execution processDescribe the use of the U.S. Standard General Ledger account structureRelate budget obligations to agency assets, liabilities, and expensesDetermine unfunded budget requirements from accounting reportsImprove budget estimating with accounting informationFederal Budget Process What Is a Budget?Why Is a Budget Necessary?Legal Foundations in the Federal GovernmentWays the Agency Budget Is DisplayedPhases of the Federal Budget ProcessAgency Funds and ResourcesIntroduction to Federal Accounting What Is Accounting?Accounting CycleAccounting in the Federal GovernmentBudgetary and Proprietary Accounting Budgetary Accounting ProcessSteps in the Budgetary Accounting ProcessTracking Reimbursable AuthorityWhy Proprietary Accounting?Basic Proprietary Accounting Equation for the Federal GovernmentExpanded Proprietary Accounting EquationNormal BalancesAccrual Basis of AccountingIntegrating Budgetary and Proprietary AccountingExercise: Proprietary AccountingExercise: Budgetary and Proprietary Accounting RelationshipsFederal Financial Reporting Objectives of Federal Financial ReportingExpanded Financial ReportingContent of Agency Financial StatementsFinancial StatementsUsing Financial ReportsGovernment Performance and Results Act Modernization Act of 2010Making Improvements in GovernmentMaking the Connection Making the ConnectionOptional Exercise: Overview of Budgeting and Accounting