ACCOUNTING DEPARTMENT
COURSE SYLLABUS
ACNT 2330 - Governmental Accounting
(Formerly ACNT 2372)
(Formerly ACC 2133)
CIP CODE AREA: 52.0301
COURSE LEVEL: Advanced
COURSE NUMBER: ACNT 2372
COURSE TITLE: Governmental Accounting
CREDIT HOURS:3 (Lecture)
PREREQUISITE: ACCT 2301 - Principles of Financial Accounting - or equivalent
METHOD OF PRESENTATION: Lecture, case studies, group activities, and/or student presentations
CATALOG DESCRIPTION: ACNT 2372 Governmental Accounting (3-3-0).Introduction to fund accounting emphasizing general, special revenue, capital improvement, debt service, trust, agency, enterprise, internal service, and other fund concepts used by state, municipal, and other governmental entities. Includes preparation and analysis of CAFR.Prerequisites:ACCT 2301 or equivalent
TEXTBOOK: http://www.austincc.edu/accting
OTHER: Basic computer skills utilizing word processing, spreadsheet, and presentation software are recommended for this course.
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COURSE LEARNING OUTCOMES:
Knowledge:
Describe accounting principles for governmental and proprietary funds
Explain how generally accepted accounting principles are established for state, municipal, and othergovernmental entities and why these differ from generally accepted accounting principles of profit seekingentities.
Skills:
Apply generally accepted accounting principles to economic transactions of state, municipal, and othergovernmental entities
Prepare and analyze financial statements of state, municipal, and other governmental agencies.
LEARNING OBJECTIVES:
Chapter 1
Explain and contrast the differences between governmental and nonprofit entities and for-profit entities
Identify the authoritative pronouncement body with respect to governments and nonprofit entities
Compare the financial reporting objectives of governments and nonprofit entities
Describe and explain the measurement focus and basis of accounting for governments
Explain the differences in the analysis of financial performance for governments in comparison to for-profit entities
Chapter 2
Explain the three major categories of activity for governments
Identify the thirteen (13) principles of accounting and financial reporting for governments
Differentiate between the characteristics of governmental, proprietary, and fiduciary fund types
Chapter 3
Identify the appropriate rules for the recognition of nonexchange revenues and expenditures/expense
Explain how revenues and expenses related to governmental operations are reflected ion the new government-wide financial statements
Distinguish between exchange and nonexchange transactions
Compare and contrast Revenues and Other Financing Sources and Expenditures and Other Financing Uses
Explain how budgetary accounting assists in achieving budgetary control over revenues and expenditures
Explain the public school system's classification of revenues and expenditures
LEARNING OBJECTIVES (concluded):
Chapter 4
Prepare appropriate journal entries for typical operating activities of the General Fund and Special Revenue Fund
Account for expenses, and General Fund and Special Revenue Fund expenditures, and encumbrances
Explain the contents of budgetary comparison statements
Prepare appropriate adjusting and closing entries for government activities
Prepare General Fund financial statements
Account for interfund transactions
Chapter 5
Define general fixed assets and their characteristics
Prepare journal entries for general fixed asset acquisitions/dispositions and infrastructure assets
Explain the use and characteristics of a Capital Projects Fund
Identify the sources of funds for financing capital projects
Explain the journal entries used for Capital Projects Funds' activities
Prepare Capital Projects Fund Financial statements
Chapter 6
Identify the types of liabilities that are classified as "general long-term"
Prepare journal entries to record the issuance and retirement of general long-term liabilities
Explain the nature of debt limits, debt margin, and overlapping debt
Describe the nature and purpose of debt service funds
Prepare journal entries for debt service transactions
Explain the required reporting method for Debt Service Funds' investments
Chapter 7
Compare and explain the characteristics and purposes of Internal Service Funds and Enterprise Funds
Explain the financial reporting requirements of Internal Service Funds and Enterprise Funds
Prepare journal entries for Internal Service Funds and Enterprise Funds' activities
Describe the accounting procedures and characteristics for the termination of Internal Service Funds
Chapter 8
Distinguish between Agency Funds and Trust Funds
Identify the characteristics and uses of agency Funds
Explain the accounting and financial reporting for commonly used Agency Funds
Explain the accounting and financial reporting for Trust Funds (a cash and investment pool, and a pension trust fund)
Chapter 9
Explain the financial reporting requirements of GASB Statement No. 34
Explain the concepts involved in the description of the governmental reporting entity and the potential component unit
List and describe the contents of a Comprehensive Annual Financial Report (CAFR)
Be able to readily locate key financial information in CAFR.
Explain current financial reporting issues for governments
Identify the required funds and account groups and the financial statements that are superseded by GASB Statement No. 34
Chapter 10
Describe why the evaluation of government financial performance is important
Identify the relationships between environmental, organizational, and financial factors in evaluating a government's financial condition
Calculate and interpret key financial ratios that measure a government's financial condition
Explain why financial performance also affects the operating performance of a governmental entity
COURSE COMPETENCIES (SCANS):
Acquire and evaluate information - Able to locate and appropriately evaluate information in Comprehensive Annual Financial Reports (CAFR's).Displays competence in completing end of chapter questions and problems.Requests assistance from instructor when necessary
Communicate information appropriately - Effectively communicates thoughts relating to class discussion material.Draws appropriate conclusions while reviewing governmental financial statements during class.Makes appropriate judgments concerning governmental accounting issues in test questions and homework assignments
Demonstrate sound problem solving skills - Recognizes problems in the interrelationship of governmental accounting data.Uses relevant accounting criteria (current pronouncements) to determine appropriate accounting treatment for governmental transactions.
(Revised Dec. 2000)