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The Governmental Accounting Standards Board Statements (GASB Statements or GASBS) are issued by GASB to set generally accepted accounting principles (GAAP) for state and local governments in the United States of America. These statements are the most authoritative source for governmental GAAP.
The objectives for which government entities apply accountancy that can be organized in two main categories: - The accounting of activities for accountability purposes. In other words, the representatives of the public, and officials appointed by them, must be accountable to the public for powers and tasks delegated.
In addition, CPA firms that perform local government financial audits that include an A-133 "single audit" must follow yellow book standards. In addition to financial audits, the Yellow Book standards cover Performance Audits, which evaluate the performance of a program or project against defined objectives, such as objectives for efficiency ...
A legislative auditor subject to the direction and supervision of the state legislature ensures that the legislature, which appropriates funds and establishes program goals in public policy, will ultimately review program expenditures and results. Thus, state government is accountable to the people through their elected representatives. [7]
An example of the different treatment under cash and accrual accounting of a government's purchase of a building: Under cash accounting: The government's budget surplus decreases (or deficit increases) by the amount of cash used (or debt incurred) to acquire the building in the year the government takes ownership. After the year of acquisition ...
Bill Clinton “Hillary and I mourn the passing of President Jimmy Carter and give thanks for his long, good life,” Clinton, the country's 42nd president, said in a statement on Sunday.
He's averaged 22.7 points, eight rebounds, 5.3 assists and 1.2 blocks, the best overall numbers of his career—albeit in limited action. With Williamson, his weight is a frequent concern.
Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property. Ad valorem property taxes are usually a main, if not the main, source of income for state and municipal governments.