ACCT 325 Governmental & Not-for-Profit Accounting
This course introduces the accounting procedures used for governmental and nonprofit organizations. Emphasis will be placed on the use of special funds for governmental units, hospitals, and colleges.
Offered
Spring
Student Learning Outcomes
- Identify and compare the characteristics that distinguish governmental/NFP entities from for-profit entities
- Explain the different objectives, measurement focus, and basis of accounting of government-wide financial statements and fund financial statements
- Explain the nature of the three major activity categories of governments: governmental activities, business-type activities, and fiduciary activities
- Discuss the nature of, and criteria used to determine, major fund reporting
- Explain the role of budgeting and budgetry accounting in governmental or not for profit accounting
- Analyze typical operating transactions for governmental or not for profit activities and prepare appropriate journal entries, adjusting journal entries, and closing journal entries
- Distinguish between exchange and nonexchange transactions
- Explain the purpose and characteristics of a capital projects fund, a debt service fund, a proprietary fund, and a fiduciary fund
- Distinguish among and describe key financial performance concepts, such as financial position, financial condition, and economic condition
- Explain what is menat by generally accepted government auditing standards (GAGAS)
- Explain financial reporting and accounting for NFPs, including required financial statements: classification of net assets: accounting for revenue, gains, and support: accounting for expenses: and accounting for assets