ACC 435 - Governmental and Not-For-Profit Accounting (3)

Prerequisite: ACC 232 with a C- or higher, or permission.

A study of the specialized accounting principles applicable to state and local governments and not for profit organizations with an emphasis on fund accounting principles. Upon completion of this course, students will be able to:

Compare and contrast financial reporting objectives of governmental and other not for profit (NFP) organizations to those of commercial organizations.
Explain and apply the modified accrual basis of accounting used by state and local governments.
Analyze the theory and purpose of fund accounting and its associated principles and apply those principles to record transactions of state and local governments and other NFP profit organizations.
Describe the types of funds used by governments and NFP organizations, and compile the basic government and fund statements.