(5 credits)
The function and role of private and public sector organizations are often very different; therefore, the accounting principles used to run for-profit businesses and government businesses cannot always be the same. In this course, students compare and contrast the characteristics of government and nonprofit organizations and explore the ethical and social responsibilities of accountants working with these institutions. They also examine the measurement and reporting requirements for governmental and nonprofit organizations. They engage in discussions about the concepts of fund accounting, budget and control issues, and revenue and expense recognition. Students gain hands-on experience preparing financial statements for each type of organization. As a basis for their coursework, students use the Financial Accounting Standards Board's Accounting Standards Codification and pronouncements of the Government Accounting Standards Board.