ACCT 672: Governmental and Nonprofit Accounting Master Syllabus
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Course Website: Canvas
Course Description
This course examines accounting and reporting concepts and issues for non-businessorganizations. Accounting issues that are unique to these entities are emphasized (such as non-exchange transactions and lack of ownership interests). Accounting and reporting for state and local governments that follow the Government Accounting Standards Board rules and charitable organizations that follow Financial Accounting Standards Board rules.
Course Format
This is an 8-week online course that is asynchronous. There are no in-person class meetings.
Text and Required Materials
- Accounting for Governmental & Nonprofit Entities, Evergreen Edition,
- Reck, Lowensohn & Neely, McGraw Hill, with Connect Access
- Unlike hardcopies, the ebook is an evergreen edition and reflects the most current GASB pronouncements. Caution: A hard copy of the text could contain outdated standards.
- Computer with microphone, webcam, and internet connection.
Course Objectives
Upon completing this course, you will be able to:
- Identify and critically evaluate the various rule-making bodies responsible for accounting standards for state and local governments and not-for-profit entities.
- Analyze and apply the principles of fund accounting in the context of state and local government entities.
- Differentiate and assess the various funds used in government accounting, including their specific purposes and reporting requirements.
- Record and interpret complex transactions within the various funds used in government accounting.
- Prepare and critically review financial statements for the various funds used in government accounting, ensuring compliance with relevant standards.
- Compare and contrast fund accounting with government-wide financial statements, highlighting key differences and implications for financial reporting.
- Analyze and interpret Annual Comprehensive Financial Reports (ACFR), with a focus on assessing financial health and compliance.
- Understand and evaluate the unique accounting requirements for not-for-profit entities, including regulatory and reporting challenges.
- Record, prepare, and critically analyze financial statements for not-for-profit entities, ensuring accuracy and adherence to standards.
Canvas
Canvas will be utilized for this course. Ensure your settings on Canvas are configured to notify you promptly whenever new course material is posted. Postings to Canvas will include the syllabus, resources (e.g., videos), PowerPoint slides, announcements, guides, etc. Refer to the course calendar on Canvas for upcoming due dates.
Course Grading
Composite grades will be computed based on the following scheme:
| Item | Percent |
|---|---|
| Exam #1 | 25 |
| Exam #2 | 25 |
| Homework (Connect) | 20 |
| Smartbook | 15 |
| Discussion Board | 5 |
| Project | 10 |
| Total | 100 |
Letter grades will be assigned as follows:
| Grade | Composite Grade | Performance |
|---|---|---|
| A | 94 - 100 | Outstanding |
| A- | 90 - 93.99 | Excellent |
| B+ | 87 - 89.99 | Very good |
| B | 84 - 86.99 | Good |
| B- | 80 - 83.99 | Satisfactory |
| C | 70 - 79.99 | Average |
| F | Below 70 | Unsatisfactory |
Extra credit: There are no opportunities to earn extra credit in this course.
Connect Homework
- There is a homework assignment for each chapter in the course, accessible through the class Connect website linked on Canvas.
- Each homework assignment allows multiple attempts. Use this feature to enhance your understanding of the course material and improve your score. The highest of all (maximum 3) attempts will be recorded as your grade for the assignment.
Exams
Exams will be delivered online and must be taken at the scheduled time. All exams or quizzes will be given online using Honorlock (or other virtual proctoring service) and will consist of multiple-choice questions and/or problems requiring a written response.
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