IMPORTANT INFORMATION ABOUT ACNT
2330:
ACCT 2301
is the prerequisite for this course. If
it has been over 3 years since you have completed ACCT 2301, you should retake
ACCT 2301. If you have completed ACCT 2301 within 3 years but you do not feel comfortable
with the ACCT 2301 topics, it is highly recommended that you contact Professor
Cynthia Lovick (cynthiam@austincc.edu)
about enrolling in ACNT 1371 -- FUNDAMENTALS OF
INTERMEDIATE ACCOUNTING (3-3-0). Overview of accounting information system and accounting cycle,
financial statement preparation and time value of money applications. Introduction to research and writing for accountants.
Prerequisites: Completion of or co-enrollment in ACCT 2302.
ACNT
2330 requires recording transactions in journals, posting to ledgers, preparing
financial statements, applying rules of accrual accounting, making closing
entries, computing interest, and other topics that are covered in ACCT 2301.
If
you want to test your understanding of ACCT 2301, you can take the multiple
choice quizzes at this web site http://highered.mcgraw-hill.com/sites/0073403970/student_view0/chapter1/ Take the quizzes for chapters 1 – 3. One of the required course texts includes
chapters 1 – 3 from this textbook, Financial Accounting Fundamentals, 2007
edition, Wild, McGraw Hill 0-07-340397-0.
Read the
syllabus before enrolling in this class.
Attendance is required. Make-up
assignments are limited. The syllabus
discusses the course components, due dates, and methods of making up missed
assignments (not all assignments can be made up). Students must be committed to attending
class.
It is VERY
IMPORTANT to attend the first class meeting (8/29/09).
Direct any questions or comments to Sheila Ammons, sammons@austincc.edu or 223-9216.
ACNT
2330-GOVERNMENTAL AND NOT-FOR-PROFIT ACCOUNTING
COURSE SYLLABUS
Fall
2009
Section: 44359
Location: SAC Room 1315
Time: Saturday
1:30 – 4:00 PM
CIP CODE AREA: 52.0301.00
COURSE LEVEL: Advanced (Junior Level)
COURSE NUMBER: ACNT 2330 (Workforce Education Course Number)
COURSE TITLE: Governmental and Not-For-Profit Accounting
CREDIT HOURS: 3; Lecture Hours: 3
PREREQUISITE: ACCT 2301 or equivalent
METHOD OF PRESENTATION: 3 lecture hours each week
COURSE DISCRIPTION: ACNT 2330 Governmental and
Not-For-Profit Accounting (3-3-0) This
course is an introduction to fund accounting, emphasizing general, special
revenue, capital improvement, debt service, trust agency, enterprise, intragovernmental, and other fund concepts used by state,
municipal, and other governmental entities. The course includes an introduction
to the preparation and analysis of CAFR. This course will also provide an
introduction to governmental auditing concepts and procedures, including the
Yellow Book and Single Audit Act.
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.
REQUIRED TEXTBOOKS/ MATERIALS:
Accounting
for Governmental and Nonprofit Entities, 15/e, Earl Wilson, University of Missouri—Columbia,
Jacqueline Reck, University of South, Florida—Tampa,
Susan Kattelus, Eastern Michigan University ISBN: 0073379603 Copyright year:
2010 Publisher: McGraw-Hill
INSTRUCTOR INFORMATION:
|
Instructor |
Sheila Ammons,
CPA, CMA, CGFM |
|
Office |
SAC, Room 1313.4 |
|
Phone |
223-9216 |
|
e-mail |
sammons@austincc.edu |
|
Office Hours |
Saturday 1:00 – 1:30 PM |
|
Web |
http://www.austincc.edu/sammons |
PROPOSED LEARNING OUTCOMES:
Knowledge: Explain generally
accepted accounting principles as they apply to economic transactions of
governmental and non-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
SCANS
(SECRETARY’S COMMISSION ON ACHIEVING NECESSARY SKILLS): Course SCANS Competencies for Governmental Accounting –
ACNT 2330.
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 particular
course.
|
INTERPERSONAL 2.1 Participates as a Member of a
Team 2.2 Teaches Others |
INFORMATION 3.2 Organizes and Maintains
Information 3.3 Uses Computers to Process
Information |
BASIC
SKILLS 6.2 Writing 6.6 Speaking |
|
TECHNOLOGY 5.2 Applies Technology to Task: |
THINKING
SKILLS 7.2 Decision Making 7.3 Problem Solving |
PERSONAL
QUALITIIES 8.1
Responsibility |
COURSE POLICIES:
Departmental
policies for Incompletes, Attendance, and Withdrawal are as follows:
Incomplete Policy: An incomplete (I) will be granted to a student in
rare circumstances. Generally, to receive a grade of I, a student must have
completed all examinations and assignments to date, be passing, and have
personal circumstances that prevent course completion that occur after the
deadline to withdraw with a grade of W.
Attendance Policy: All students are expected to attend classes.
Non-attendance will have an impact on the student’s grade.
Withdrawal Policy: It is the responsibility of the student to withdraw
from this class. The last day to withdraw from this course is 11/23/09.
Austin Community College policies for Academic Freedom,
Scholastic Dishonesty, Student Discipline, Students with Disabilities, and
Grade Changes are as follows:
Academic Freedom Statement: Each student is strongly encouraged to participate in
class. In any classroom situation that includes discussion and critical
thinking, there are bound to be many differing viewpoints. These differences
enhance the learning experience and create an atmosphere where students and
instructors alike will be encouraged to think and learn. On sensitive and
volatile topics, students may sometimes disagree not only with each other but
also with the instructor. It is expected that faculty and students will respect
the views of others when expressed in classroom discussions.
Scholastic Dishonesty Statement: Acts prohibited by the College for which discipline may be
administered include scholastic dishonesty, including but not limited to cheating
on an exam or quiz, plagiarizing, and unauthorized collaboration with another
in preparing outside work. Academic work submitted by students shall be the
result of their thought, research or self-expression. Academic work is defined
as, but not limited to tests, quizzes, whether taken electronically or on
paper; projects, either individual or group; classroom presentations, and
homework” (Student Handbook,).
Electronic devices may not be use for exams unless specifically authorized by
the instructor. 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 this institution.
Student Discipline Statement: 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).
Students with Disabilities
Statement: Each ACC campus offers support
services for students with documented physical or psychological
disabilities. Students with disabilities must request reasonable
accommodations through the Office for Students with Disabilities on the campus
where they expect to take the majority of their classes. Students are
encouraged to do this three weeks before the start of
the semester” (Student Handbook).
Grade Change Policies: Click on this link to view the policy. (Student
Handbook)
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, class quizzes, class exercises, Spreadsheet
and word processing activities, and online research
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.
GRADING SYSTEM:
|
Item |
Points |
% |
|
Exam 1 |
100 |
16.7% |
|
Exam 2 |
100 |
16.7% |
|
Exam 3 |
100 |
16.7% |
|
ACCT 2301 Activity |
20 |
3.2% |
|
Ch 1/ Ch 2 Project |
50 |
8.3% |
|
Class Activities |
70 |
11.7% |
|
Homework - Pre |
40 |
6.7% |
|
Homework - Post |
60 |
10.0% |
|
Ch 9 Project |
60 |
10.0% |
|
Total |
600 |
100% |
|
Final Grade |
|
|
|
540 - 600 |
A |
|
|
480 - 539 |
B |
|
|
420 - 479 |
C |
|
|
360 - 419 |
D |
|
|
Below 360 |
F |
|
COURSE CALENDAR AND GRADING
INFORMATION:
|
DATE |
ACTIVITY |
PRE HOMEWORK |
DUE DATE |
POST HOMEWORK |
DUE DATE |
|
8/29 |
Introduction |
|
|
Page 29 – 1-7, 1-8, 1-9, 1-10 |
Due via Blackboard by 9 PM on 9/5 |
|
9/5 |
Ch 1 and Ch 2 Project |
|
|
Page 56 – 2-1, 2-2, 2-8, 2-10 |
Due via Blackboard by 9 PM on 9/5 |
|
9/12 |
Ch 3 |
Page 99 - 100 – 3-3, 3-7, 3-9 |
9/12 |
PR 3-7, PR 3-9, PR 3-10 |
9/19 |
|
9/19 |
Ch 4 |
Page 157 – 4-2, 4-3, 4-10 |
9/19 |
PR 4-9, PR 4-10 |
9/26 |
|
9/26 |
Review Ch 2 – 4 |
|
|
|
|
|
10/3 |
Exam 1 – Ch 1-4 |
|
|
|
|
|
10/10 |
Ch 5 |
Page 199 – 5-1, 5-6, 5-8 |
10/10 |
PR 5-7, PR 5-9, PR 5-10 |
10/24 |
|
10/17 |
Ch 6 |
Page 241 – 242 – 6-1, 6-6, 6-9 |
10/24 |
PR 6-3, PR 6-8 |
10/31 |
|
10/24 |
Ch 9 Project |
|
|
|
|
|
10/31 |
Ch 7 |
Page 289 – 290 – 7-1, 7-2,7-5,
7-7, 7-9 |
10/31 |
PR 7-4, PR 7-7 |
Due via Blackboard by 9 PM on 11/5 |
|
11/7 |
Exam 2 – Ch 5,6,7,9 |
|
|
|
|
|
11/14 |
Ch 12 |
Page 519 – 520 – 12-1, 12-2, 12-4,
12-7 |
11/14 |
PR 12-6 |
|
|
11/21 |
Ch 14 |
Page 616 – 14-3, 14-4, 14-7, 14-8 |
11/21 |
PR 14-7, PR 14-8 |
|
|
12/5 |
Ch 16, Ch 17 |
Page 689 – 16-1, 16-2, 16-5, 16-10 |
12/5 |
PR 16-3, PR 17-7 |
Due via Blackboard by 9 PM on
12/10 |
|
12/12 |
Exam 3 – Ch 12, 14, 16, 17 |
|
|
|
|
Comments on Grading Components:
ACCT 2301 Activity
– Students will be tested over basic ACCT 2301 material (rules of
debits/credits, accrual accounting, journal entries for a for profit
corporation, adjusting entries, closing entries, financial statements for
corporations (for profit) – To prepare for this activity, review the first
three chapters of any basic financial accounting text. There is no make up for this activity.
Class Activities
– There will be 8 activities @ 10. The
top 7 grades will be used to compute the final course grade. Thus, one activity can be dropped. These will
be announced on Blackboard. There is no
make up for these class activities.
Exams -- The exams
are in-class, closed book exams. If you cannot take an exam, you must
contact the instructor prior to the start of the exam (call 223-9216 or e-mail sammons@austincc.edu). A make-up exam will be placed in the SAC testing
center. You will have until the start of the next class period to
complete the exam. Otherwise you will be required to take a randomly
generated multiple choice exam. If the instructor is not contacted prior
to the start of the exam, a randomly generated multiple choice exam will be
placed in the SAC testing center. You will have until the start of
the next class period to complete the exam with no penalty. Otherwise 10
points will be deducted from the exam grade for each class meeting date after
the exam date.
If a student misses a second (or third) exam, the make-up
exam will consist of a randomly generated multiple-choice exam.
Projects –
Information will be available in Blackboard and class.
Homework – The due
dates and submission instructions for homework
are included in the course calendar.
Late homework is not accepted. Two assignments can be submitted via
e-mail before the start of class of
the due date of the assignment – sammons@austincc.edu.
To receive full credit for homework,
the product must be neat and well labeled.
Homework is due at the start of class.
COURSE OBJECTIVES:
|
Ch 1 |
Identify
and explain the characteristics that distinguish governmental and
not–for–profit entities from for–profit entities. Identify
the authoritative bodies responsible for setting financial reporting
standards for (1) state and local governments, (2) the federal government,
and (3) not–for–profit organizations. Contrast
and compare the objectives of financial reporting for (1) state and local
governments, (2) the federal government, and (3) not–for–profit
organizations. Explain
the minimum requirements for general purpose external financial reporting for
state and local governments and how they relate to comprehensive annual
financial reports. Explain
the different objectives, measurement focus, and basis of accounting of the
government–wide financial statements and fund financial statements of state
and local governments. |
|
Ch 2 |
Explain
the nature of the three major activity categories of a state or local
government: governmental activities, business-type activities, and fiduciary
activities. Explain
the components of GASB's integrated accounting and financial reporting model,
including: Discuss
the nature of major fund reporting and the criteria used to determine whether
a fund should be reported as a major fund. |
|
Ch 3 |
Explain how operating revenues and expenses related to
governmental activities are classified and reported in the government-wide
financial statements. Distinguish, at the fund level, between Revenues and Other
Financing Sources and between Expenditures and Other Financing Uses. Explain how revenues and expenditures are classified in
the General Fund. Explain how budgetary accounting
contributes to achieving budgetary control over revenues and expenditures,
including such aspects as: |
|
Ch 4 |
Analyze typical operating transactions for governmental
activities and prepare appropriate journal entries at both the
government-wide and fund levels. Prepare adjusting entries at year-end and a pre-closing
trial balance. Prepare closing journal entries and year-end General Fund
financial statements. Account for interfund and intra-
and inter-activity transactions. Distinguish between exchange and nonexchange transactions, and define the classifications
used for nonexchange transactions. |
|
Ch 5 |
Describe the nature
and characteristics of general capital assets. Account for general capital assets, including:
acquisition, maintenance, depreciation, impairment, and disposition. Explain the purpose, characteristics, and typical
financing sources of a capital projects fund. Prepare journal entries for a
typical capital project, both at the fund level and within the governmental
activities category at the government-wide level. |
|
Ch 6 |
Explain what types
of liabilities are classified as general long–term liabilities. Make journal entries in the governmental activities
general journal to record the issuance and repayment of general long-term
debt. Explain the purpose and types of debt service funds. Describe budgeting for debt
service funds and make appropriate journal entries to account for activities
of debt service funds. |
|
Ch 7 |
Distinguish between the purposes of internal service funds
and enterprise funds. Describe the characteristics of proprietary funds,
including those unique to internal service and enterprise funds. Explain the financial reporting requirements, including
the differences between the reporting of internal service and enterprise
funds in the government-wide and fund financial statements. Describe accounting procedures and prepare journal entries
and financial statements for an internal service fund. Describe accounting procedures and
prepare journal entries and financial statements for an enterprise fund. |
|
Ch 9 |
Describe the concepts related to the financial reporting
requirements of the GASB reporting model. Explain the key concepts and terms used in describing the
governmental reporting entity. Apply the GASB criteria used to determine whether a
potential component unit should be included in the reporting entity and, when
included, the manner of reporting component units. Identify and describe the contents of a comprehensive
annual financial report (CAFR). Understand how to reconcile governmental fund financial
statements to governmental activity in the government-wide financial
statements. Identify and explain contemporary
financial reporting issues. |
|
Ch 12 |
Explain
the essential elements of financial audits by independent CPAs, including: Explain
what is meant by generally accepted government auditing standards (GAGAS),
the source of GAGAS, and why and how GAGAS are broader than GAAS. Explain
the types of audits performed under GAGAS, including financial audits,
attestation engagements, and performance audits. Explain
the essentials of a single audit, including: |
|
Ch 14 |
Distinguish not-for-profit organizations (NPOs) from
entities in the governmental and commercial sectors of the U.S. economy. Identify the authoritative standards-setting body for
establishing GAAP for nongovernmental NPOs. Explain financial reporting and accounting for NPOs,
including required financial statements; classification of net assets;
accounting for revenue, gains, and support; accounting for expenses; and
accounting for assets. Identify the unique accounting issues of financially
interrelated organizations. Describe optional fund accounting. Prepare financial statements using
SFAS No. 117. |
|
Ch 16 |
Distinguish between generally accepted accounting
principles for public and private colleges and universities. Describe financial reporting for public and private colleges
and universities. Discuss accounting and reporting issues for all colleges
and universities, such as accounting for assets, liabilities, and net assets;
accounting for revenues and expenses; and accounting for cash flows. Journalize transactions for public and private colleges
and universities |
|
Ch 17 |
Identify the different organizational forms and the
related authoritative accounting literature for health care organizations. Describe financial reporting for health care
organizations. Explain unique accounting and measurement issues in health
care organizations, including accounting for revenues, assets, expenses, and
liabilities.. |
TEXAS
STATE BOARD OF PUBLIC ACCOUNTANCY
Austin Community College has received
the designation of Qualifying Educational Credit for CPA Examination by the
Texas State Board of Public Accountancy (Board). This course qualifies as
one of the 30 required upper-level accounting courses. For the upper-level ACC accounting courses to
qualify, each course MUST BE completed after a student completes a minimum of a
bachelor’s degree.
If you hold an undergraduate
accounting degree, the Texas State Board of Public Accountancy will allow you
to take accounting courses that bring you to the 30 required hours and the
required Ethics course. You CANNOT take
additional hours to reach the 150 hour requirement at ACC.
Please review the information on our
web site http://www.austincc.edu/accting/cpainfo.php
Last updated: 7/27/09