Carroll Community College

ACCT-241, Governmental and Not-For-Profit Accounting

Credits: 1

Course Description

Governmental and Not-For-Profit Accounting examines basic concepts underlying accounting for these entities. Emphasis will be placed on the sources of governmental accounting standards, fund accounting and budgetary concepts, sources of not-for-profit accounting standards, and types of not-for-profit organizations. Prerequisite: ACCT-102, or permission of instructor. One credit. One billable hour.

Course Objectives and Grading Information

Course Objectives: Upon completion of the course, students will be able to:

1. Identify the sources of governmental accounting standards.

2. Describe the measurement focus and basis of accounting for governmental entities.

3. Describe the objectives of financial reporting for governmental entities.

4. Explain the fund accounting process.

5. Understand the objectives of budgetary accounting.

6. Explain the proper treatment of governmental, proprietary and fiduciary funds.

7. Identify the sources of no-for-profit accounting standards.

8. Describe the objectives of financial reporting for not-for-profit organizations.

9. Identify the accounting issues related to different types of not-for-profit organizations.