County and Municipal Government in North Carolina, Second Edition, 2014 (E-book)

Accounting, Fiscal Control, and Cash Management

Chapter number: 22
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County and Municipal Government in North Carolina

The Finance Officer / 374

Official Bonds / 374
The Accounting System / 375
Statutory Requirements / 375
Generally Accepted Accounting Principles
for Governments / 376
Counties’ and Cities’ Own Needs and Capabilities / 377
Control of Expenditures / 377
Preauditing Obligations / 377
The Meaning of Appropriation / 378
Encumbrances / 378
The Preaudit Certificate / 378
Disbursements / 379
Two Stages of Review / 379
The Finance Officer’s Certificate / 379
Governing Board Approval of Bills, Invoices, or Claims / 379
Form of Payment / 379
Cash Management / 380
Daily Deposits / 380
Official Depository / 381
Insurance and Collateralization of Deposits / 381
Investments / 382
Custody of Investment Securities / 382
Authorized Investments / 383
Guidelines for Investing Public Funds / 386
The Annual Audit / 387
Contents of the Comprehensive Annual Financial Report / 387
Introductory Section / 387
Financial Section / 388
Statistical Section / 389
The Auditor’s Opinion / 389
Selection of an Independent Auditor / 390
Audits of Federal and State Grants / 390
Additional Resources / 391
About the Author / 391

Topics - Local and State Government