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Governmental and Non-For-Profit Accounting

Governmental and Non-For-Profit Accounting. Course objectives. 1. To learn the objectives of accounting systems in governmental and NFP entities. 2. To learn the financial statements required and the presentation of governmental and NFP entities.

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Governmental and Non-For-Profit Accounting

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  1. Governmental and Non-For-Profit Accounting

  2. Course objectives • 1. To learn the objectives of accounting systems • in governmental and NFP entities. • 2. To learn the financial statements required • and the presentation of governmental and • NFP entities. • 3. To learn the accounting cycle for governmental • and NFP entities. • Be able to analyze the operations and financial • statements of these entities.

  3. Bases of Accounting • Cash Basis - all reporting and recognition is simultaneous • with cash inflows and outflows • Modified Cash Basis - Cash basis for the fiscal year with the books • open for a time after the end of the year. • Modified Accrual Basis - Revenues recognized in period when • available and measurable but no depreciation recognized. Costs • recognized when resources are acquired and are called expenditures • Full Accrual - matching of revenues and expenses when earned • and incurred and depreciation recognized

  4. Types of Entities City and State Governments

  5. City and State Governments • Standards set by GASB • Self balance set of accounts • Three reporting levels • Combined governmental fund statements • Combining statements show subsidiary • information • Government-wide statements - consolidated

  6. CAFR • Comprehensive Annual Financial Report • currently includes: • Introduction - Letter of Transmittal • Financial Section • Auditor’s Report • MD & A • Financial Statements • Supplementary information • Notes • Combining Statements • Statistical Section

  7. Financial Statements • Government-wide statements • Statement of net assets • Statement of Activities • Fund Statements • Governmental Funds • Balance Sheet • Statement of Revenues, Expenditures and Change in Fund Balance • Proprietary Funds • Balance Sheet • Statement of Revenue, Expenses, and Changes in Net Assets • Statement of Cash Flows • Fiduciary Funds • Statement of Net Assets • Changes in Fiduciary Net Assets

  8. NFP Entities Private Universities Public Universities Other Voluntary organizations

  9. Non-Profits • Unless excluded use FASB standards • Full Accrual • Use Net assets instead of equity • Three funds • Unrestricted • Temporarily Restricted • Permanently Restricted

  10. Financial Statements • Statement of Financial • Position • Statement of Activities • Statement of Cash Flow • Statement of Functional • Expenses

  11. Review Entity Standards Basis State, Local Gov’t GASB Modified Acc. And Accrual NFP Health & Welfare FASB Accrual Private College FASB Accrual Public College GASB Accrual

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