MCCCD Program Description

Governmental and Not-For-Profit Accounting

Course: ACC215

First Term: 1991 Fall

Lecture 3 Credit(s) 3 Period(s) 3 Load
Subject Type: Occupational
Load Formula: S

Description: Theories and procedures of accounting for governmental and not-for-profit organizations

MCCCD Official Course Competencies
1. Explain the growth and importance of the government and not-for-profit sectors of the economy. (I) 2. Compare accounting for profit organizations with governmental and not-for-profit organizations. (I) 3. Identify and describe the authoritative sources of accounting principles and the reporting standards for governmental and not-for-profit organizations. (I) 4. Compare and contrast the features of cash basis, accrual basis, and modified accrual basis used by governmental units. (II) 5. Identify the major fund types in governmental accounting and describe their functions. (III) 6. Identify and describe the account groups used in governmental accounting and the relationship between the funds and account groups. (III) 7. Identify and explain the financial statements used by each fund and account group. (III) 8. Explain and prepare budgetary, operating , and closing entries for a governmental unit. (IV) 9. Describe the use of control and subsidiary accounts. (V) 10. Explain and record the use of encumbrances in the accounts. (VI) 11. Identify methods of handling uncollectible property taxes and explain the purpose of lines and the accounting for them. (VII) 12. Identify and prepare types of inter-fund transactions. (VIII) 13. Describe reasons for a budget revision. (IX) 14. Explain the governmental accounting procedures for fixed assets, inventories, and prepaid expenses. (X) 15. Explain how Capital Projects Funds are used, and prepare journal entries and financial statements for these funds. (XI) 16. Explain how the General Fixed Assets Account Group and the General Long-Term Group are used and the relationship between these account groups; prepare journal entries and financial statements used. (XII) 17. Describe Debt Service Funds and prepare journal entries and financial statements for these funds. (XIII) 18. Describe special assessments, service assessments, and capital improvements assessments. (XIV) 19. Describe journal entries and financial statements for special assessments. (XIV) 20. Describe Agency Funds and prepare journal entries and financial statements for these funds. (XV) 21. Describe Internal Service Funds and prepare journal entries and financial statements for these funds. (XV) 22. Describe Enterprise Funds and prepare journal entries and financial statements for these funds. (XV) 23. Identify the basic components of a comprehensive annual financial report (CAFR), explain how it is prepared, and identify the required statistical tables. (XVI) 24. List the combined financial statements included in the CAFR and explain the relationship between individual fund statements and combined financial statements. (XVI) 25. Explain the purpose of single audits and explain how they differ from traditional audits. (XVII) 26. Describe the principal types of budgets, compare the different approaches to budgeting, and list the steps involved in budget preparation. (XX) 27. Explain the preparation of a revenue forecast and the use of trend analysis in predicting future revenues. (XXI) 28. Describe the use of flexible budgets. (XXII) 29. Contrast the terms, planning and control. (XXIII) 30. Explain the importance of a sound internal control system and describe its characteristics. (XXIV)
MCCCD Official Course Competencies must be coordinated with the content outline so that each major point in the outline serves one or more competencies. MCCCD faculty retains authority in determining the pedagogical approach, methodology, content sequencing, and assessment metrics for student work. Please see individual course syllabi for additional information, including specific course requirements.

MCCCD Official Course Outline
I. Introduction A. History of fund accounting B. Profit organizations versus governmental and not-for-profit organizations 1. Financial accounting 2. Fund accounting C. Authoritative sources of financial and fund accounting principles and reporting standards 1. National Council on Governmental Accounting (NCGA) 2. Governmental Accounting Standards Board (GASB) II. Bases of Accounting A. Cash B. Accrual C. Modified accrual III. Governmental Accounting A. Funds 1. Spending activity 2. Capital maintenance 3. Agency B. Account groups for each fund C. Financial statements for each fund IV. Budgetary Accounting A. Purpose B. Operating and closing entries V. Control Accounts A. Purpose B. Subsidiary accounts VI. Encumbrances A. Definition B. Purpose C. Recordkeeping VII. Uncollectible Property Taxes A. Methods of handling B. Purpose of liens C. Accounting for liens VIII. Interfund Transactions A. Identification B. Preparation IX. Budget Revisions X. Fixed Assets, Inventories, and Prepaid Expenses A. Transactions B. Record-keeping XI. Capital Project Funds A. Usage B. Journal entries C. Financial statements XII. General Fixed Assets Account Group and General Long-Term Debt Group A. Relationship B. Journal entries C. Financial statements XIII. Debt Service Funds A. Usage B. Journal entries C. Financial statements XIV. Assessments A. Special 1. Journal entries 2. Financial statements B. Services C. Capital Improvements XV. Agency, Internal Service, and Enterprise Funds A. Usage B. Journal entries C. Financial statements XVI. Comprehensive Annual Financial Report (CAFR) A. Basic components B. Preparation C. Required statistical tables D. Combined financial statements E. Relationship between individual fund statement and combined financial statements XVII. Audits A. Single B. Traditional audits XX. Budgets A. Principles types B. Process 1. Approaches 2. Steps XXI. Revenue Forecasts A. Purpose B. Preparation C. Trend analysis in revenue prediction XXII. Flexible Budgets XXIII. Planning and Control A. Definition B. Differences XXIV. Internal Control A. Definition B. Importance C. Characteristics of a sound internal control system

MCCCD Governing Board Approval Date: 5/28/1991

All information published is subject to change without notice. Every effort has been made to ensure the accuracy of information presented, but based on the dynamic nature of the curricular process, course and program information is subject to change in order to reflect the most current information available.