ACCT 273 - Government and Non-Profit

Credits 5
Accounting Students develop skills in accounting and financial reporting for not-for-profit organizations and state and local governments. Topics include general and special fund accounting for state and local governments, hospitals, charities, foundations, colleges, and universities.
Course Outcomes

Identify and describe the major fund categories, fund types within each fund category, and the Comprehensive Annual Financial Report (CAFR).
Use trend analysis to project future revenues.
Prepare journal entries to record: Restricted Funds, Private Purpose Trust Funds, Pension Trust Funds, Investment Trust Funds, Internal Service Funds, General Funds for hospitals, Enterprise Funds, Agency Funds, for a federal agency accounting cycle, Debt Service Funds, related to patient service revenue and patient receivables, and Capital Projects Funds.
Prepare the financial statements for: Private Purpose Trust Funds, Pension Trust Funds, Investment Trust Funds, Agency Funds, General Fund, Special Revenue Fund, and Permanent Funds, NFP and governmental hospitals, government-wide financial statements, Internal Service Funds, Enterprise Funds, and Debt Service Funds.
Prepare operating entries in the funds of a governmental unit.
Prepare closing entries when a surplus or deficit occurs in the funds of a governmental unit.
Demonstrate an understanding of encumbrances, liens, encumbrances outstanding at fiscal year-end, investments measured for financial reporting purposes, unconditional and conditional promises to give, collections of works of art, rare books and similar assets, donor-imposed restrictions, uncollectible property taxes, prepaid expenses, four types of inter-fund transactions, and two methods of accounting for inventories.
Calculate the millage rate used by a government unit.