ACCT 370 - Accounting for Governmental and Not-for-Profit Entities

Units: 3
Introduction to distinctive characteristics of accounting and financial reporting for governmental and not-for-profit entities. Topics include modified accrual basis, fund-based accounting, budgetary accounting, government reporting model, and net assets in not-for-profit organizations.

Prerequisites: ACCT 312 with grade C or better.
Possible Instructional Methods: On-ground or Online-Asynchronous.
Grading: A-F grading only.
Course Typically Offered: Fall & Spring

Student Learning Outcomes - Upon successful completion of this course students will be able to:

Explain the differences in measurement focus and basis of accounting between governmental entities and for-profit businesses.;
List fund categories for state and local governments and indicate the measurement focus, basis of accounting, and financial reporting of each fund;
Describe budgetary accounting within state and local governments, including recording legally adopted budget and encumbrance;
Record revenue and expenditure transactions in governmental funds for state and local governments;
Explain the nature and contents of a Comprehensive Annual Financial Report (CAFR);
Prepare the adjustment needed to derive government-wide financial statements from fund financial statement data;
Describe the content of financial statements for not-for-profit entities;
Describe the accounting for revenues and expenses for not-for-profit entities;
Analyze financial statements for state and local governments and not-for-profit entities.