Intro to Govt Acctng

transactions/events are recognized when they occur, not

necessarily when cash or its equivalent is received or paid.

resources controlled by an entity as a result of past events and from which future economic benefits are expected (right of use, owned or not)

future economic benefits or service potential contributed to the entity by partners external to the entity, not resulting to the liabilities of the entity, conveys entitlement, can be sold, exchanged, transferred or redeemed

future economic benefits or service potential distributed by the entity to all or some of its owners either return on investment or as return of investment.

refers to a government agency, department or operating/ field unit. Referred to in the GAM as “Agency”

decreases in economic benefits or service potential due to outflows or consumption of assets, incurrence of liabilities resulting to decreases in net assets/equity, other than those relating to distribution to owners.

financial plan of a government for a given period, usually a fiscal year for promoting socio-economic objective.

obligations of the entity from past events. The settlement of which is expected to result to an outflow from the entity’s resources.

residual interest in the assets of the entity after deducting all its liabilities

gross inflow of economic benefits or service potential during the reporting period resulting to increases in net assets/equity, other than increases relating to contribution from owners.