COURSE DESCRIPTION

Prerequisite is ACC 212 or equivalent. Introduces fund accounting as used by governmental and nonprofit entities. Stresses differences between accounting principles of for-profit and not-for-profit organizations. Lecture 3 hours per week.

GENERAL COURSE PURPOSE

This course stresses both the theory and practice of governmental and nonprofit accounting. The course content explains in detail the salient differences between the principles of accounting for profit organization and the principles of accounting for governmental and nonprofit organizations. By defining and explaining the basic fund nonprofit accounting terminology it makes it easier for students going into governmental and nonprofit accounting to adjust to the new environments.

ENTRY LEVEL COMPETENCIES

None

COURSE OBJECTIVES

Upon completion of this course, the student will be able to:

A. Understand the basics of governmental and nonprofit accounting by students who are interested in accounting careers, interested in administration of governmental and nonprofit organizations or person employed in governmental and nonprofit administration or accounting, interested in retooling their concepts of Fund accounting.

B. Identify and have a working knowledge of the eight major classes of funds and two account groups, used by governmental accounting to come up with financial reports.

C. Gain a working knowledge of the budgetary systems used for financial planning control in governmental and nonprofit organizations.

D. Appreciate and understand the differences between the governmental and nonprofit accounting principles and the generally accepted accounting principles used by for-profit organizations.

E. Understand the file of the GASB and OMB in setting government accounting standards.

A. Basic Principles of Government and nonprofit accounting.

B. Budgetary processes and controls.

A. Accounting for Health-Care Institutions, Voluntary Welfare Organizations, charities, colleges, and universities, and other nonprofit organizations.

B. Audits of governmental and nonprofit organizations.

C. Accounting software used by non-profit organizations.