Montgomery College 2020-2021 Catalog 
    Apr 18, 2024  
Montgomery College 2020-2021 Catalog [ARCHIVED CATALOG]

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ACCT 225 - Governmental and Nonprofit Accounting

General principles of fund accounting for municipal, governmental, and nonprofit institutions. The course will emphasize fund principles, budgetary controls, and financial reporting statements. PREREQUISITE(S): ACCT 222 . Three hours each week. Formerly AC 210.

3 semester hours

Course Outcomes:
Upon course completion, a student will be able to:

  • Explain the similarities and differences between profit-oriented entities and governmental/nonprofit entities. Specifically, students should Explain the importance and role of regulatory and rule-making bodies such as GASB, OMB, FASAB, and FASB.
  • Demonstrate basic competency, analytical ability, and a general understanding of the components, interrelationships, and uses of the required financial disclosures (including the CAFR) in governmental and nonprofit accounting.
  • Analyze financial disclosures with an emphasis on analysis and critical thinking as applied to accounting rules and reporting requirements for nonprofit and governmental entities.
  • Explain the basic uses and mechanics of encumbrance accounting, fund accounting, budgetary accounting, and the overall budgetary process for nonprofit and governmental entities.

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