Feb 17, 2019  
2018-2019 Course Catalog 
2018-2019 Course Catalog
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ACC 251 - Gov’t & Nonprofit Accounting

Credits: 3
Lecture Hours: 3
Lab Hours: 0
Practicum Hours: 0
Work Experience: 0
Course Type: Open
An introduction to the accounting and reporting principles, standards and procedures applicable to federal, state and local government. Also includes nonprofit institutions such as hospitals and universities.
Prerequisite: Successful completion of ACC 131  with a grade of “C” or above
  1. Appraise governmental and non-profit accounting and economic activities
    1. Discuss the characteristics of government and nonprofit organizations
    2. Relate the objectives and characteristics of government and nonprofit accounting and reporting
    3. Contrast profit and nonprofit accounting
  2. Explain the conceptual foundation underlying the accounting systems of non-profit entities
    1. Identify problems encountered in the recording process
    2. Assess financial effects
    3. Explain economic changes
    4. Assign monetary values
    5. Relate limitations associated with financial statements
    6. List the authoritative sources of accounting principles and reporting standards
    7. Summarize the underlying assumptions, principles and conventions of nonprofit accounting
  3. Interpret the accounting cycles associated with nonprofit systems
    1. Measure the constraints on the uses of resources
    2. Identify types of funds and account groups
    3. Record the entries for the accounting cycle for source-and-disposition funds
    4. Relate the accounting procedures for account groups
    5. Illustrate the accounting cycle for self-sustaining funds
    6. Summarize accounting data
  4. Assess governmental accounting practices
    1. Relate the primary objectives of governmental accounting
    2. Identify the users of governmental accounting information
    3. Prepare a summary statement of principles
    4. Apply basic principles and conventions
    5. Categorize types of fund entities
    6. Interpret statements
  5. Defend budgetary data
    1. Compile budgetary practices for self-sustaining funds
    2. Relate the philosophy underlying source-and-disposition operating fund budgets
    3. Prepare a general fund expenditures budget
    4. Use the budget as a control device
    5. Develop program budgeting
    6. Plan the acquisitions and uses of other source-and-disposition fund resources
    7. Defend the use of cost data
  6. Appraise general fund and special revenue fund account procedures
    1. Identify operational characteristics
    2. Classify general fund accounts
    3. Record typical activities requiring accounting recognition
    4. Analyze transactions involving other funds and account groups
    5. Point out special problems associated with general fund accounting procedures
    6. Illustrate general fund accounting procedures
    7. Prepare general fund financial statements
    8. Compile interim reports for the general fund
    9. Demonstrate reciprocal and complementing
    10. Produce a transactions worksheet
  7. Explain accounting for other source-and-disposition funds
    1. Record transactions for general capital improvements
    2. Service general long-term debt
    3. Recognize capital improvements financed by special assessments
    4. Prepare the basic journal entries for debt service funds
    5. Measure alternative assumptions and procedures
  8. Account for other funds and account groups
    1. Contrast accounting for self-sustaining funds
    2. Outline hybrid (fiduciary) funds
    3. Classify account groups
    4. Explain interfund relationships
  9. Evaluate annual financial reports
    1. Discuss the provisions of accounting statements relating to nonprofit accounting
    2. Illustrate financial statements
  10. Contrast federal government accounting with financial accounting
    1. Relate the historical background
    2. Identify statutorily assigned responsibilities
    3. Define terminology
    4. Illustrate the fund structure
    5. Explain the basis of accounting
    6. Illustrate federal agency accounting
  11. Discriminate among accounting for other nonprofit organizations
    1. Point out operating characteristics and accounting practices
    2. Explain college and university statements of accounting principles
    3. Identify fund entities
    4. Record typical transactions
    5. Produce financial statements
  12. Interpret accounting for hospitals
    1. Relate hospital accounting practices and environments
    2. Justify principles of accounting for hospitals
    3. Categorize fund entities used in hospital accounting systems
    4. Separate accounting procedures peculiar to hospital operations
    5. Prepare hospital financial statements
  13. Assess accounting for health and welfare agencies, churches, and other similar organizations
    1. Explain unique accounting practices
    2. Subdivide other developments
    3. Generate financial statements
  14. Support accounting data for externally interested parties
    1. Evaluate the fiduciary responsibility of internal managers
    2. Analyze financial data
    3. Apply analytical techniques
  15. Judge accounting system data
    1. Develop budgeting procedures
    2. Measure input-output relationships
    3. Prepare financial performance reports
    4. Assess the impact of politics and bureaucracy
    5. Plan an effective nonprofit organization
  16. Appraise operational-accountability reporting for nonprofit organizations
    1. Define operational accountability
    2. Analyze operational accountability financial data
    3. Generate operational-accountability reports

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