ACCT2236

In the United States, there are over 1.9 million nonprofit organizations and 22,000 state and local governments employing accountants. This course covers the unique fund accounting principles and procedures that apply to these entities, as well as the various financial reporting statements used that differ from those in business organizations. An emphasis is given to the application of recording and reporting the economic information of these organizations, as well as understanding the differences in accounting standards and procedures between nonprofits, state and local governments, and business organizations.Student Learning Outcomes

• Describe the implications of no ownership interest or profit motive on accounting procedures for nonprofit entities.
• Compare the results and requirements of resource flow versus profit-based financial statements.
• Identify how different transactions impact the assets of an organization.
• Record nonprofit and governmental accounting transactions.
• Prepare basic nonprofit and government financial statements.
• Classify financial transactions using different nonprofit and governmental accounting funds.
• Record government transactions for appropriations, encumbrances, expenditures, estimated revenues, and actual revenues.
• Determine correct basis of accounting by classifying government funds as governmental, fiduciary, or proprietary.
• Classify government fund balances as nonspendable, restricted, committed, assigned, and unassigned.