ACC273 — Governmental and Nonprofit Accounting
3 , 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. 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: Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities Distinguishing characteristics of governmental and not-for-profit entities Overview of financial reporting and compliance Accounting principles and standards Principles of Accounting and Financial Reporting for Governmental Entities Activities of government Integrated accounting and financial reporting Major fund reporting Governmental Operating Statement Accounts and Budgetary Accounting Classification and reporting of expenses/revenues at government-wide level Structure and characteristics of the general fund Preparing and using budgetary information Accounting for Governmental Operating Activities Prepare journal e
Prerequisites: ACC211