Course Number:
AC335
Course Title: Governmental and Nonprofit Accounting
STUDENT LEARNING OUTCOMES
General
This course is designed to be an introduction to accounting for state
and local governments, the federal government, colleges and universities and
other nonprofit organizations. It is expected that the student will:
i)
attain a basic understanding if
accounting procedures in government and nonprofit organizations
ii)
appreciate the differences between
private and public sector accounting
iii)
develop competency in analyzing and
recording various not-for-profit transactions, and preparing and interpreting
financial
statements.
Specific
Students will be able to:
1.
Explain importance of
Governmental and Not-for-profit Organization (GNP) accounting and
identify the GNP accounting standard
setters.
2.
Differentiate between the GNP
accounting environment and the business accounting environment.
3.
Identify and explain major sections
of the state and local government (SLG) financial statements.
4.
Explain primary reporting principles
for SLGs.
5.
Explain the differences between the
various SLG financial statements.
6.
Record the budget in accounts and
discuss the importance of budgets in government accounting.
7.
Compute property taxes.
8.
Record interfund transactions and
other financing sources.
9.
Explain accounting for non-exchange
transactions.
10.
Apply the modified accrual basis of
accounting.
11.
Record common entries during the
year and closing entries.
12.
Identify common characteristics of
governmental type funds.
13.
Record capital project, debt service
and permanent fund transactions and prepare financial statements for the funds.
14.
Report Fund statements- Government
type funds.
15.
Identify common characteristics of
proprietary type funds.
16.
Record internal service and
enterprise funds and prepare financial statements for them.
17.
Review Fund statements- Government
type funds.
18.
Describe fiduciary funds and prepare
fiduciary financial statements.
19.
Record and report agency funds,
private-purpose trusts, investment trust, and pension ( employee benefit )
funds.
20.
Describe and give examples of the
entity-wide conversion process.
21.
Prepare reconciliation schedules.
22.
Account for fixed assets and
long-term debt.
23.
Compute common ratios used in
financial analysis of SLG entities.
24.
List and explain Government
Accounting Standards Board (GASB) requirements for special purpose entities.
25.
Account for Public Institutions of
Higher Education.
26.
Identify the Standard setting
authority on not-for-profit organizations.
27.
Perform accounting tasks for
Voluntary Health and Welfare and Other Not For Profits.
28.
Identify the standard setting
authority on College and University - Private Institutions; and Hospitals and
Other HealthCare
Providers.
29.
Explain the general reporting
principles on Hospitals and Other Health Care Providers.