Governmental and Not-for-Profit Accounting

ACNT 2330

Master Syllabus

 

 

Instructor — See the section syllabus for instructor and section specific information

Synonym

Section Number  

Class Hours

Office

Office Hours

Phone

Email — 

Website — 

Blackboard — 

Please contact the instructor if you wish to meet outside of regular office hours.

 

 

COURSE DESCRIPTION

ACNT 2330 Governmental and Not-For-Profit Accounting (3-3-0) focuses on the

development and use of financial information as it relates to governmental and not-for-

profit entities. The course coverage includes identifying and applying appropriate

accounting and reporting standards for governments and private not-for-profit

organizations, preparing fund basis and government-wide statements for state and local

governments, preparing financial statements for private not-for-profit organizations,

using nonfinancial performance measures to evaluate governmental and not-for-profit

entities, and describing auditing requirements for these entities.

 

This course is accepted by the Texas State Board of Public Accountancy as one of the

30 hours of upper division accounting courses.  To be accepted, students MUST HAVE

completed a minimum of a bachelor’s degree PRIOR to taking this course.

 

PREREQUISITES

ACCT 2301 (Principles of Accounting I – Financial) or its equivalent

 

 

COURSE RATIONALE

The goals and objectives of this course prepare students for (1) completing degree requirements, (2) obtaining or improving job skills, (3) qualifying for a business or Accounting job, (4) working as an entrepreneur, (5) fulfilling personal goals, and/or (6) understanding financial statements and the basic accounting process.

 

 

COURSE-LEVEL STUDENT LEARNING OUTCOMES

 

Upon successful completion of the course, students will be able to:

 

Knowledge:  Explain generally accepted accounting principles as they apply to economic transactions of governmental and not-for-profit entities. 

Skills:  Identify accounting standards and procedures for governmental and non-profit entities. Apply generally accepted accounting principles in the preparation of reports for public institutions

 

 

 

PROGRAM-LEVEL STUDENT LEARNING OUTCOMES

 

Upon successful completion of the Accounting program, students will be able to:

 

(1) complete degree requirements

 

(2) obtain or improve job skills


(3) satisfy educational requirements for CPA exam



 

 

 

 

 

SCANS COMPETENCIES

 

Go to http://www.austincc.edu/accting/Scans.php for a complete definition and

 

explanation of SCANS.  This list summarizes the SCANS competencies addressed in

 

this  course.

 

Uses Computers to Process Information:  Employs computers to acquire, organize, analyze, and communicate information. 

 Writing:  Communicates thoughts, ideas, information, and messages in writing; records information completely and accurately; composes and creates documents such as letters, directions, manuals, reports, proposals, graphs, flow charts; uses language, style, organization, and format appropriate to the subject-matter, purpose, and audience.  Includes supporting documentation and attends to level of detail; checks, edits, and revises for correct information, appropriate emphasis, form, grammar, spelling, and punctuation.

 Reasoning:  Discovers a rule or principle underlying the relationship between two or more objects and applies it in solving a problem.  For example, uses logic to draw conclusions from available information, extracts rules or principles from a set of objects or written text; applies rules and principles to a new situation, or determines which conclusions are correct when given a set of facts and a set of conclusions.

 

 

REQUIRED TEXTS/MATERIALS

Textbook - Current Textbook Information

 

 

INSTRUCTIONAL METHODOLOGY

The objectives of this course will be met by incorporating a variety of instructional methods. These include lecture, group activities, student presentations, discussion papers, Spreadsheet and word processing activities, and online research.

 

 

 

 

 

 

LABS

These are online labs and will be submitted via the Labs section of Blackboard.  Lab assignments and instructions are located in the Blackboard course.  No late labs will be accepted.  Students need access to Word, Excel, and the Internet.  Students can work at the library computer lab at and ACC campus.

 

 

 GRADING SYSTEM

Grades will be determined as follows: 

 

Item

Points

%

Exam 1 – Ch 1 - 4

100

25%

Exam 2 – Ch 5, 6, 8

100

25%

Exam 3 – Ch 10 - 13

100

25%

Projects

50

12.5%

Labs

50

12.5%

Total

400

100%

 See the section syllabus for more details.

 

 

COURSE POLICIES

Course Policies

 

Attendance/Class Participation

Regular and punctual class and laboratory attendance is expected of all students.  If attendance or compliance with other course policies is unsatisfactory, the instructor may withdraw students from the class.  See the section syllabus for more details.

 

Withdrawal Policy

It is the responsibility of each student to ensure that his or her name is removed from the roll should he or she decide to withdraw from the class.  The instructor does, however, reserve the right to drop a student should he or she feel it is necessary.  If a student decides to withdraw, he or she should also verify that the withdrawal is submitted before the Final Withdrawal Date.  The student is also strongly encouraged to retain their copy of the withdrawal form for their records.  See the section syllabus for more details.

Students who enroll for the third or subsequent time in a course taken since Fall, 2002, may be charged a higher tuition rate, for that course.

State law permits students to withdraw from no more than six courses during their entire undergraduate career at Texas public colleges or universities.  With certain exceptions, all course withdrawals automatically count towards this limit.  Details regarding this policy can be found in the ACC college catalog.

 

Incompletes

An instructor may award a grade of “I” (Incomplete) if a student was unable to complete all of the objectives for the passing grade in a course.  An incomplete grade cannot be carried beyond the established date in the following semester. The completion date is determined by the instructor but may not be later than the final deadline for withdrawal in the subsequent semester.   See the section syllabus for more details.

 

Statement on Scholastic Dishonesty

A student attending ACC assumes responsibility for conduct compatible with the mission of the college as an educational institution.  Students have the responsibility to submit coursework that is the result of their own thought, research, or self-expression.  Students must follow all instructions given by faculty or designated college representatives when taking examinations, placement assessments, tests, quizzes, and evaluations.  Actions constituting scholastic dishonesty include, but are not limited to, plagiarism, cheating, fabrication, collusion, and falsifying documents.    Penalties for scholastic dishonesty will depend upon the nature of the violation and may range from lowering a grade on one assignment to an “F” in the course and/or expulsion from the college.  See the Student Standards of Conduct and Disciplinary Process and other policies at http://www.austincc.edu/current/needtoknow

 
Student Rights and Responsibilities (Academic Freedom)
Students at the college have the rights accorded by the U.S. Constitution to freedom of speech, peaceful assembly, petition, and association. These rights carry with them the responsibility to accord the same rights to others in the college community and not to interfere with or disrupt the educational process. Opportunity for students to examine and question pertinent data and assumptions of a given discipline, guided by the evidence of scholarly research, is appropriate in a learning environment. This concept is accompanied by an equally demanding concept of responsibility on the part of the student. As willing partners in learning, students must comply with college rules and procedures.
 
Statement on Students with Disabilities

Each ACC campus offers support services for students with documented disabilities.  Students with disabilities who need classroom, academic or other accommodations must request them through the Office for Students with Disabilities (OSD).   Students are encouraged to request accommodations when they register for courses or at least three weeks before the start of the semester, otherwise the provision of accommodations may be delayed.  

Students who have received approval for accommodations from OSD for this course must provide the instructor with the ‘Notice of Approved Accommodations’ from OSD before accommodations will be provided.   Arrangements for academic accommodations can only be made after the instructor receives the ‘Notice of Approved Accommodations’ from the student.  

Students with approved accommodations are encouraged to submit the ‘Notice of Approved Accommodations’ to the instructor at the beginning of the semester because a reasonable amount of time may be needed to prepare and arrange for the accommodations.   

Additional information about the Office for Students with Disabilities is available at http://www.austincc.edu/support/osd/

 

Safety Statement

Austin Community College is committed to providing a safe and healthy environment for study and work. You are expected to learn and comply with ACC environmental, health and safety procedures and agree to follow ACC safety policies. Additional information on these can be found at http://www.austincc.edu/ehs. Because some health and safety circumstances are beyond our control, we ask that you become familiar with the Emergency Procedures poster and Campus Safety Plan map in each classroom. Additional information about emergency procedures and how to sign up for ACC Emergency Alerts to be notified in the event of a serious emergency can be found at http://www.austincc.edu/emergency/.

Please note, you are expected to conduct yourself professionally with respect and courtesy to all. Anyone who thoughtlessly or intentionally jeopardizes the health or safety of another individual will be dismissed from the day’s activity, may be withdrawn from the class, and/or barred from attending future activities.

You are expected to conduct yourself professionally with respect and courtesy to all. Anyone who thoughtlessly or intentionally jeopardizes the health or safety of another individual will be immediately dismissed from the day’s activity, may be withdrawn from the class, and/or barred from attending future activities.

 

Use of ACC email

All College e-mail communication to students will be sent solely to the student’s ACCmail account, with the expectation that such communications will be read in a timely fashion. ACC will send important information and will notify you of any college related emergencies using this account.  Students should only expect to receive email communication from their instructor using this account.  Likewise, students should use their ACCmail account when communicating with instructors and staff.  Instructions for activating an ACCmail account can be found at http://www.austincc.edu/accmail/index.php.

 

Student And Instructional Services

ACC strives to provide exemplary support to its students and offers a broad variety of opportunities and services.  Information on these services and support systems is available at:   http://www.austincc.edu/s4/

Links to many student services and other information can be found at: http://www.austincc.edu/current/

ACC Learning Labs provide free tutoring services to all ACC students currently enrolled in the course to be tutored.  The tutor schedule for each Learning Lab may be found at:  http://www.autincc.edu/tutor/students/tutoring.php

For help setting up your ACCeID, ACC Gmail, or ACC Blackboard, see a Learning Lab Technician at any ACC Learning Lab.

 

Student Discipline

     Classroom behavior should support and enhance learning. Behavior that disrupts the learning process will be dealt with appropriately, which may include having the student leave class for the rest of that day. In serious cases, disruptive behavior may lead to a student being withdrawn from the class. ACC's policy on student discipline can be found in the Student Handbook).

 

Testing Center Policy

Under certain circumstances, an instructor may have students take an examination in a testing center.  Students using the Academic Testing Center must govern themselves according to the Student Guide for Use of ACC Testing Centers and should read the entire guide before going to take the exam.  To request an exam, one must have:

 

Do NOT bring cell phones to the Testing Center.  Having your cell phone in the testing room, regardless of whether it is on or off, will revoke your testing privileges for the remainder of the semester.  ACC Testing Center policies can be found at http://www.austincc.edu/testctr/  See the section syllabus for more details.

 

 

 

COURSE OUTLINE/CALENDAR

 

See the section syllabus for details.

 

 

 

MISSED OR LATE WORK

 

See the section syllabus for more details.

 

 

 

COURSE OBJECTIVES

 

Ch 1

Obtain an overview of financial reporting for nonbusiness entities.
Distinguish between private and public sector organizations.
Identify the sources of authoritative accounting standards for various public and private sector organizations.
Define the 11 fund types used by state and local governments.

Ch 2

Obtain an overview of the contents of a governmental financial report.
Define the governmental reporting entity.
Illustrate the basic financial statements for a state or local government.

Ch 3

Describe the basic accounts used by governmental funds.
Identify the recognition criteria for revenues and expenditures under the modified accrual basis.
Apply fund balance classifications for governmental funds.
Prepare journal entries for the expenditures cycle using both budgetary and activity accounts.

Ch 4

Apply the modified accrual basis of accounting in the recording of typical transaction of a General or special revenue fund.
Prepare closing entries and classify fund balances within the framework of GASB Statement 54.
Prepare the fund- basis financial statements for a General or special revenue fund.

Ch 5

Apply the modified accrual basis of accounting in the recording of typical transactions of capital projects, debt service, and permanent funds.
Prepare the fund- basis financial statements for governmental funds.

Ch 6

Apply the accrual basis of accounting in the recording of typical transactions of internal service and enterprise funds.
Prepare the fund- basis financial statements for proprietary funds.
Identify when an activity is required to be reported as an enterprise fund.
Contrast statements of cash flow prepared under GASB guidelines with those prepared under FASB guidelines.

Ch 8

Perform the steps necessary to prepare government- wide financial statements, including:
Prepare worksheet entries to convert the governmental fund records to the economic resources measurement focus and the accrual basis of accounting. Prepare worksheet entries to include internal service funds with governmental activities.
Prepare required schedules reconciling the government- wide and fund-basis financial statements.
Record events and transactions related to general fixed assets and general long- term debt and describe required schedules related to long- term debt.

Ch 10

Describe characteristics of private not- for- profit organizations and the accounting for contributions.
Apply the accrual basis of accounting in the recording of typical transactions of private not- for- profit organizations.
Prepare the financial statements for private not- for- profit organizations.

Ch 11

Apply the accrual basis of accounting in the recording of typical transactions for private not- for- profit colleges and universities.

Ch 12

Describe the reporting requirements of varying types of health care organizations. Apply the accrual basis of accounting in the recording of typical transactions of a not- for- profit health care organization.

Ch 13

Describe the unique characteristics of audits of governmental and not-for-profit entities
Describe the major requirements of the Single Audit Act
Describe the process of applying for tax exempt status and reporting requirements of the Form 990
Identify when a not-for-profit is subject to the unrelated business income tax and describe how the tax is determined