Governmental, NFP & Special Topics

PREREQUISITE: ACC3114

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Identifying basics of and preparing government-wide financial statements.
• Explaining the objectives and components of an annual comprehensive financial report.
• Calculating and preparing journal entries for net positions balances, fund balances, capital assets, general and propriety long-term liabilities, interfund activity, the amount of nonexchange revenue and expenditures using both modified accrual and accrual basis of accounting, and to record budgets and encumbrances.
• Preparing the government-wide statement of activities for a state or local government from trial balances and supporting documentation.
• Recalling disclosure requirements for the notes to the basic financial statements of state and local governments.
• Recalling purpose and objectives and preparing a statement of financial position for nongovernmental, NFP, and be able to make necessary adjustments.
• Preparing and adjusting as needed, notes to the financial statements for nongovernmental, NFP organizations.
• Defining foreign currency translation concepts and calculating gains or losses from translations of foreign currencies using appropriate technology.
• Demonstrating basic knowledge of analyzing transactions between a partner and a partnership.
• Demonstrating knowledge about changes in ownership, termination of a partnership and preparing relevant calculations.
• Demonstrating a basic knowledge of analyzing transactions related to trusts.
• Classifying and accounting for effects of modifications to the original debt agreement and debt extinguishment caused by reorganization and bankruptcy.
• Tracing the development of International Financial Reporting Standards.