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Accounting for non-profit organizations
Learning Objectives
• Differentiate government accounting from
the accounting for business entities.
• State the government entities charged with
accounting responsibility.
• Describe briefly the GAM for NGAs.
• State the basic principles used in
government accounting.
• State the recognition criteria for assets.
GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Mi
llan
Definition of Government Accounting
Responsibilities of COA
• Promulgate accounting and auditing rules
• Keep the general accounts
• Submit financial reports
Responsibility of DBM
• Implementation of the national budget
Responsibility of DBM
• Cash custody and control of disbursements.
• Understandability
• Relevance
• Materiality
• Timeliness
• Reliability
• Faithful representation
• Substance over form
• Neutrality
• Prudence
• Completeness
• Comparability
GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Mi
llan
Components of General Purpose Financial Statements