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ACC4124

Governmental, NFP & Special Topics

The Governmental, NFP, and Special Topics course provides an opportunity to learn accounting principles for unique entities. The course exposes students to accounting for government, nonprofit entities, partnerships, and estates and trusts. Special accounting topics related to bankruptcy, foreign currency, and International Financial Reporting Standards are also reviewed. Former course title Government/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.

Syllabi

Spring 2023 Download
Spring 2024 Download