ACC434 Government and Nonprofit Acct

Lead Faculty: Dr. Consolacion Fajardo

Course Description

A study of the specialized accounting principles applicable to state and local governments and other non-profit organizations, with an emphasis on fund accounting principles used in the recording of assets, liabilities, equity, revenues and expenditures. Also covers the analysis and interpretation of financial statements of such governmental and nonprofit entities.

Learning Outcomes

  • Compare and contrast financial reporting objectives of governmental and other nonprofit organizations in contrast to those of commercial organizations.
  • Evaluate the major components of a comprehensive annual financial report (CAFR) of a state or local government.
  • Analyze the theory and purpose of 'fund accounting' and apply fund accounting principles to the recording of monetary transactions of state and local governments and other nonprofit organizations.
  • Explain and apply the unique modified accrual basis of accounting used by state and local governments and certain types of other nonprofit organizations.
  • Apply the budget accounting and financial reporting required of state and local governments.
  • Analyze and record, in the appropriate fund, the common monetary transactions of state and local governments in accordance with standards set by the Governmental Accounting Standards Board.
  • Explain and apply the generally accepted accounting principles relating to specialized forms of nonprofit organizations including colleges and universities, hospitals and other nonprofit health and welfare organizations.