AUSTIN COMMUNITY COLLEGE
ACNT 2378 - Governmental Auditing and Non Profit Accounting
CIP CODE AREA: 52.0301
COURSE LEVEL: Advanced
COURSE NUMBER: ACNT 2378
COURSE TITLE: Governmental Auditing and Non Profit Accounting
CREDIT HOURS: 3 (Lecture)
PREREQUISITE: ACNT 2372 - Governmental Accounting - or equivalent
METHOD OF PRESENTATION: Lecture, case studies, group activities, and/or student presentations
CATALOG DESCRIPTION: ACNT 2378 - Governmental Auditing and Non Profit Accounting (3-3-0).
Governmental auditing concepts and procedures, including the Yellow Book and Single Audit Act, accounting for nonprofit entities, federal government, public schools, colleges and universities, hospitals, water districts, rural electrification coops, and others. Case studies are integrated into the course. Offered in Fall.
TEXTBOOK: Accounting for Governmental and Nonprofit Entities; Wilson, Kattelus, and Hay; McGraw Hill Publisher, 12th Edition
COURSE REQUIREMENTS: See Specific Instructor's First Day Class Handout
OTHER: Basic computer skills utilizing word processing, spreadsheet, and presentation software are recommended for this course.
COURSE LEARNING OUTCOMES:
Explain generally accepted accounting principles as they apply to economic transactions of non profit entities, public schools, colleges and universities, hospitals, water districts, rural electrification coops, and others.
Discuss the accounting system of the federal government and how changes are made to that system.
Identify auditing standards and procedures for non profit entities, public schools, colleges and universities, hospitals, water districts, rural electrification, coops and others.
Apply generally accepted accounting principles in preparation of reports for public institutions
Explain and contrast the differences between governmental and nonprofit entities and for-profit entities
Identify the authoritative accounting 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
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)
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
LEARNING OBJECTIVES (concluded):
Explain the objectives of a financial audit and the source if generally accepted auditing standards (GAAS)
Describe the reasons for the issuance of the Yellow Book and what is meant by generally accepted government auditing standards (GAGAS)
Explain the reasons for the establishment of the Single Audit Act, the purpose of the Single Audit, the audit work required, the concept of a major federal program, the distinction between financial and performance audits, and the related reporting requirements
Describe the function of an audit committee
Explain the federal agency accounting and financial reporting concepts
Explain the financial management organization at the federal level
Identify financial statements required of federal agencies
Compare accounting for state and local governments with that required for federal agencies
Explain the process for establishing and modifying generally accepted accounting principles (GAAP) used by federal agencies
Identify the objectives of budgeting and cost accumulation as related to performance measurement
Explain the preparation procedures related to specific types of budgets
Explain procedures related to budgeting for performance
Describe the factors that contribute to the uniqueness of costing government service
Explain the unique issues related to budget and cost issues in a not-for-profit entity
Identify the accounting standards setting body for not for profit organizations
Compare and contrast not for profit organizations with public and private organizations
Explain financial and reporting issues for not for profit organizations
Explain what is meant by "optional fund accounting"
Describe unique financial accounting issues of interrelated organizations
Explain the accounting and reporting requirements of SFAS No. 117
Compare and contrast GAAP for private and public colleges and universities
Explain financial reporting requirements for governmental colleges and universities
Prepare journal entries and financial statements for governmental colleges and universities
Prepare financial statements for private colleges and universities
Explain college and university issues related to auditing, performance measures, and federal funding
Identify the accounting pronouncements that govern the health care industry
Describe financial reporting requirements for health care entities
Explain the accounting and financial measurement concerns related to health care organizations
Prepare basic financial statements for governmental health care entities
COURSE COMPETENCIES (SCANS): Although no SCANS have been developed for this course,
the following list (some of which are used in the ACNT 2372 course) appears to have relevance for ACNT 2378.
Student demonstrated ability to acquire and evaluate information
Student demonstrated ability to communicate information appropriately
Student demonstrated sound problem solving skills
Student demonstrated appropriate reasoning skills
(Revised Dec. 2000)