Sep 30, 2022  
2022-2023 College Catalog 
    
2022-2023 College Catalog
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ACC 273 - Governmental and Nonprofit Accounting

3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods

Accounting practices and procedures used in governmental and not for profit organizations. Includes accounting and financial reporting at the governmental-wide level as well as the fund level, including long term liabilities and debt service, business type activities of state and local governments. Also includes accounting and financial reporting for the nonprofit sector, with an emphasis on accounting for net assets with and without donor imposed restrictions.

Prerequisite(s): ACC 211  
 

Course Learning Outcomes
  1. Demonstrate an understanding of the unique accounting environment for governmental entities, including dual-track nature of the accounting processes
  2. Record the annual budget, accounting for revenues, encumbrances, and expenditures
  3. Formulate journal entries for governmental activities at both the government-wide level and at the fund level for typical governmental funds
  4. Create financial reports from the general journal and trial balance data, including the government-wide Statement of Net Position and Statement of Activities, and typical governmental fund reports.
  5. Demonstrate an understanding of the unique accounting and reporting environment for nonprofit entities by formulating and recording journal entries and creating financial reports, including the Statement of Financial Position and the Statement of Functional Expenses.

Outline:
  1. Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities
    1. Distinguishing characteristics of governmental and not-for-profit entities
    2. Overview of financial reporting and compliance
    3. Accounting principles and standards
  2. Principles of Accounting and Financial Reporting for Governmental Entities
    1. Activities of government
    2. Integrated accounting and financial reporting
    3. Major fund reporting
  3. Governmental Operating Statement Accounts and Budgetary Accounting
    1. Classification and reporting of expenses/revenues at government-wide level
    2. Structure and characteristics of the general fund
    3. Preparing and using budgetary information
  4. Accounting for Governmental Operating Activities
    1. Prepare journal entries using the dual-track approach          
    2. Prepare journal entries for special revenue funds and interfund activities       
  5. Accounting for General Capital Assets and Capital Projects
    1. Analyze journal entries for general capital assets and capital projects
    2. Prepare journal entries for general capital assets and capital projects
  6. Accounting for General Long-Term Liabilities and Debt Service
    1. Analyze journal entries for long-term liabilities and debt service funds
    2. Prepare journal entries for long-term liabilities and deb service funds
  7. Accounting for the Business-Type Activities of State and Local Governments
    1. Analyze journal entries for proprietary funds, internal service funds, and enterprise funds
    2. Prepare journal entries for proprietary funds, internal service funds, and enterprise funds
  8. Financial Reporting of State and Local Governments
    1. Examine governmental financial reportings
    2. Prepare the Statement of Net Position at the government-wide level
    3. Prepare the Statement of Activities at the government-wide level
  9. Accounting for Not-for-Profit Entities
    1. Distinguishing characteristics of the nonprofit operating environment
    2. Accounting for net asset restrictions and revenues, gains, and expenses
    3. Prepare typical journal entries for a not-for-profit organization
  10. Financial Reporting for Not-for-Profit Entities
    1. Examine nonprofit reporting requirements
    2. Distinguish between restricted and unrestricted net assets
    3. Prepare the Statement of Net Position for a nonprofit organization
    4. Prepare the Statement of Functional Expenses for a nonprofit organization


Effective Term:
Full Academic Year 2020/21



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