ACC 250. Non-Profit and Governmental Accounting. Course Package. Approved: October 7, 2011 EFFECTIVE DATE: FALL

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1 ACC 250 Non-Profit and Governmental Accounting Course Package Approved: October 7, 2011 EFFECTIVE DATE: FALL

2 ACC 250 Non-Profit and Governmental Accounting Course Package Approved: October 7, 2011 EFFECTIVE DATE: FALL

3 COURSE PACKAGE FORM Team Leader and Members Candace Hofstadter, Jim Childe, Nancy McClure Date of proposal to Curriculum Sub-committee: October 7, 2011 Purpose: X_New Change Retire If this is a change, what is being changed? (Check ALL that apply) Update Prefix Title Learning Units Competencies Format Change Course Description Course Number Textbook Credits Prerequisite Effective Semester/Year Fall 20_12 Spring 20 Summer 20 COURSE INFORMATION Prefix & Number: ACC250 Title: Non-Profit and Governmental Accounting Catalog Course Description: An introduction to accounting and financial reporting for governmental and not-for-profit entities. The financial operation and accounting procedures, such as fund accounting used by state and local government agencies, health care organizations, colleges and universities will be studied. Contrasts between standard for-profit accounting procedures and non-profit accounting procedures will be emphasized. Credit Hours: 3 Lecture Hours: 3 Lab Hours: 0 Prerequisite(s) ACC 125 Co-requisite(s) Does this course need a separately scheduled lab component? Yes Does this course require additional fees? If so, please explain. Yes X No X No Is there a similar course in the course bank? Yes (Please identify.) X_No Articulation: Is this course or an equivalent offered at other two and four-year universities in Arizona? _X No Yes (Identify the college, subject, prefix, number and title:

4 Writing Across the Curriculum Rationale: Mohave Community College firmly supports the idea that writing can be used to improve education; students who write in their respective content areas will learn more and retain what they learn better than those who don t. Courses in the core curriculum have been identified as Writing Across the Curriculum courses. Minimum standards for the Writing Across the Curriculum riculum component are: 1. The writing assignments should total words. For example, a single report which is 1500 words in length OR a series of essay questions and short papers (example: four 375-word assignments) which total 1500 words could meet the requirement. 2. The writing component will represent at least 10% of a student s final grade in the course. Is this course identified as a Writing Across the Curriculum course? Yes _X No (See addendum for writing rubrics) Intended Course Goals By the end of the semester, students will be able to: 1. Record transactions and prepare financial statements for state and local governments according to GAAP and FASB requirements. 2. Use accrual accounting for general revenue funds and special revenue funds transactions. 3. Account for other fund types including capital projects, debt service, permanent, proprietary and Fiduciary (trust) funds. 4. Prepare government wide financial statements. 5. Record transactions and create financial statements for private non-profit organizations. 6. Record transactions and create financial statements for private colleges or universities. 7. Record transactions and create financial statements for hospitals and health care entities. Course Competencies and Objectives By the end of the semester, students will be able to: Competency 1 Obtain an overview of Non-Profit and Governmental Accounting Objective 1.1 Obtain an overview of financial reporting for non-business entities. Objective 1.2 Distinguish between private and public sector organizations. Objective 1.3 Identify the sources of accounting standards for public and private sector

5 organizations. Objective 1.4 Define the 11 fund types used by state and local governments. Competency 2 Understand financial reporting for State and Local Governments. Objective 2.1 Identify and describe the contents of a governmental financial report. Objective 2.2 Comply with the governmental reporting entity. Objective 2.3 Illustrate the financial statements for a state or local government. Competency 3 Use accrual accounting including fund balances and budgetary authorities Objective 3.1 Illustrate the basic accounts used by governmental funds. Objective 3.2 Recognize criteria for revenues and expenditures under the modified accrual basis Objective 3.3 Apply fund balance classifications for governmental funds. Objective 3.4 Prepare journal entries for the expenditures cycle using both budgetary and activity reports. Competency 4 Account for general revenue funds and special revenue funds. Objective 4.1 Apply the modified accrual basis of accounting in the recording of typical transaction of a general or special revenue fund. Objective 4.2 Prepare closing entries and classify fund balances within the framework of GASB statement 54. Objective 4.3 Prepare the fund-basis financial statements for a general or special revenue fund. Competency 5 Account for other fund types including capital projects, debt service & permanent Objective 5.1 Record typical transactions of capital projects, debt service and permanent funds. Objective 5.2 Prepare the fund-basis financial statements for governmental funds. Objective 5.3 Record capital lease transactions related to governmental operations. Objective 5.4 Classify appropriate fund reporting for trust agreements. Competency 6 Account for Proprietary funds. Objective 6.1 Record typical transactions of internal service and enterprise funds. Objective 6.2 Prepare the fund-basis financial statements for proprietary funds. Objective 6.3 Identify when an activity is required to be reported as an enterprise fund. Objective 6.4 Contrast statements of cash flow prepared under GASB with those prepared under FASB guidelines. Competency 7 Account for Fiduciary (trust) funds. Objective 7.1 Define fiduciary funds and describe when each is appropriate. Objective 7.2 Record agency, private-purpose trust, investment trust and pension trust funds. Objective 7.3 Prepare the fund-basis financial statements for fiduciary funds. Objective 7.4 Apply GASB standards for the measurement and reporting of investments. Competency 8 Prepare government wide financial statements. Objective 8.1 Prepare worksheet entries to convert the governmental fund records to the economic resources measurement focus and the accrual basis of accounting. Objective 8.2 Record worksheet entries to include internal service funds with governmental activities Objective 8.3 Create schedules reconciling the governmental-wide and fund-basis financial statements. Competency 9 Account for special purpose entities including public Colleges and Universities. Objective 9.1 Describe special purpose entities and identify their required financial statements. Objective 9.2 Prepare financial statements for a special purpose entity engaged in a single governmental activity. Objective 9.3 Record typical transactions of a public college or university. Objective 9.4 Create the financial statements for a public college or university. Competency 10 Create financial statements for private non-profit organizations. Objective 10.1 Describe private non-profit organizations and account for contributions.

6 Objective 10.2 Record typical transactions of a private non-profit organization. Objective 10.3 Prepare the financial statements for a private non-profit entity. Competency 11 Account for private college or university transactions. Objective 11.1 Record typical transactions for private colleges and universities. Objective 11.2 Prepare financial statements for private colleges and universities. Objective 11.3 Identify the various types of split-interest agreements and descript accounting practices for each. Competency 12 Create financial statements for hospitals and other health care entities. Objective 12.1 Describe the reporting requirements for various types of health care entities. Objective 12.2 Record typical transactions of a hospital or health care entities. Objective 12.3 Prepare financial statements for a non-profit health care organization. Teacher s Guide Course Textbook, Materials and Equipment Textbook(s) Title Essentials of Accounting for Governmental & Not-for-Profit Org or most current edition Author(s) Paula Copley Publisher McGraw Hill ISBN Software/ Equipment Textbook Costs Please indicate how much the textbook would cost if purchased through Barnes & Noble: $125 Modality X On-ground X On-line Course Assessments Description of Possible Course Assessments (Essays, multiple choice, etc.) Exams standardized for this course? Midterm Final Other (Please specify): Tests, quizzes, exercises, problems, case studies, exams, projects Are exams required by the department? Yes _X No If Yes, please specify: Where can faculty members locate or access the required standardized exams for this course? Student Outcomes: Identify the general education goals for student learning that is a component of this course. Check all that apply: 1. Communicate effectively. a. Read and comprehend at a college level. b. Write effectively in a college setting. Method of Assessment 2. Demonstrate effective quantitative reasoning and problem solving skills.

7 3. Demonstrate effective qualitative reasoning skills. Tests, quizzes, exercises, problems, case studies, exams, projects 4. Apply effective methods of inquiry. a. Generate research paper by gathering information from varied sources, analyzing data and organizing information into a coherent structure. b. Employ the scientific method. 5. Demonstrate sensitivity to diversity a. Experience the creative products of humanity. b. Describe alternate historical, cultural, global perspectives.