ACNT 2378 - Governmental Auditing and Non Profit Accounting



CIP CODE AREA: 52.0301



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.




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


Chapter 1

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

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)

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 11

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

Chapter 12

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

Chapter 13

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

Chapter 14

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

Chapter 16

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

Chapter 17

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)