government accounting

• Apply Governmental Accounting Standards to state and local government accounting

Scenario

You are a senior governmental accountant employed by the City of Manchester, New Hampshire. You have been tasked with preparing projected financial statements for Manchester based on actuals from the last two years, along with an email summary of findings, to support the budgeting process for the next fiscal year. You will need to apply governmental accounting standards, as required by the Governmental Accounting Standards Board (GASB), to these financial statements, and you will identify activities related to all five governmental funds, proprietary funds, and government-wide financial statements. Due to economic tightening, no new major budget expenditures are projected. The financial statements will go to city legislators as input for next year’s budget proposal.

Directions

For this project, you will submit two products: an Excel financial statements workbook and a Word document email summary. Each of these aligns with this project’s competency. You will be using data from the Module Seven activity and Project Two Milestone, so if you did not complete one or both of these assignments, you will need to implement information and findings from those assignments in this project.

Specifically, you must address the following rubric criteria:

Part One

After reviewing the Scenario and What to Submit sections of this document, you will create a workbook of financial statements from the Project Two Template that apply governmental accounting standards to state government accounting.

1. Determine the focus of the governmental, proprietary, and fiduciary funds. Consider the following:
   1. Identify the individual fund categories within each fund type.
   2. Describe the basic structure of both government-wide financial statements and fund financial statements (as produced for the governmental funds).
2. Record the annual reporting of capital assets, supplies, and prepaid expenses. Consider the following:
   1. Determine the proper timing for the recognition of revenues generated by various types of nonexchange transactions.
   2. Account for the issuance of long-term bonds and special assessment projects.
3. Explain the various types of monetary transfers that occur within funds maintained by a state or local government.
4. Explain variances between current and prior period fund financial statements.
5. Evaluate why government-wide and governmental fund financial statements have reconciled items.

Part Two

After you finish the collection of financial statements workbook, you will create a 1- to 2-page Word document email summary that explains the findings from the workbook and makes recommendations to the city legislators.

1. Summarize findings and recommendations from the complete financial statements workbook.

What to Submit

To complete this project, you must submit the following:

Financial Statements Use the Project Two Template to submit an Excel workbook that contains all the sections above.

Email Summary Submit a 1- to 2-page Word document with double spacing, 12-point Times New Roman font, and one-inch margins. This assignment should include references cited according to APA style.