Government and Non-Profit Accounting

Course Description

This course covers fund accounting, budget and control issues, revenue and expense recognition, and issues of reporting for both government and non-profit entities.

Topics and Objectives

Environment of Government/Non-Profit Accounting

  • Compare and contrast governmental and proprietary accounting.
  • Analyze the relationship between GASB and FASB.
  • Analyze the relationship between a budget and a Comprehensive Annual Financial Report (CAFR).
  • Determine when and how to use the modified accrual accounting method.

Fund Accounting Part I

  • Distinguish between expenses and expenditures.
  • Explain the effect of encumbrances on a budget.
  • Apply the principles of fund accounting.
  • Determine the closing process for the fund accounting cycle.
  • Explain the reconciliation of government-wide financial statements with the fund statements.

Fund Accounting Part II

  • Apply accounting procedures for recognizing revenues and other financial resources.
  • Record interfund transfers.
  • Prepare fund and non-governmental accounting entries.
  • Prepare a financial statement for a governmental agency.

Overview of Not-for-Profit Accounting

  • Examine the funds for different types of not-for-profit organizations.
  • Compare and contrast reporting by governmental, not-for-profit, and proprietary organizations.

Current Issues in Government and Not-for-Profit Accounting

  • Analyze current issues in government and not-for-profit accounting.

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