General Ledger Overview June 2014. Background.
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Historically, each federal agency developed its own accounting structure and reported to the federal government using its agency structure. Because each agency accounted for its funds differently, it was difficult to consolidate the data across the federal government. In order to provide consistent reports and to enhance financial control, the federal government adopted the United States Standard General Ledger (USSGL), which is a standard chart of accounts that must be used by all federal agencies.
Budgetary Resources = Status of Budgetary Resources
Assets = Liabilities + Net Position
Assets = Liabilities + Net Position + Revenues – Expenses + Gains - Losses
Net Cost ___
Memorandum Accts (Credit Reform) ___
Budgetary Accounts ___
Revenue & Other Financing Sources ___
Agency Statistical/ Memorandum Accounts ___
Net Cost _C_
Memorandum Accts (Credit Reform) _G_
Budgetary Accounts _D_
Revenue & Other Financing Sources _E_
Agency Statistical/ Memorandum Accounts _H_
(Supervisor’s Name – Same as on AD 1143)
(Supervisor’s Signature – Same as on AD 1143)