Government/Special Topics

The course presents problems and case studies in accounting for partnerships, bankruptcy, governmental and not-for-profit entities. Also, accounting for estates and trusts and international accounting are presented.

PREREQUISITE: ACC3115

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Accounting for the formation and organization of a partnership.
• Applying partnership agreements to financial reports.
• Calculating partnership operational income and distributions.
• Accounting for termination and liquidation of a partnership.
• Preparing a Statement of Realization and Liquidation for a partnership.
• Applying the Bankruptcy Act in accounting for bankruptcies and liquidations.
• Accounting for legal reorganizations.
• Preparing a Statement of Financial Affairs.
• Accounting for Estates and Trusts and compliance with tax requirements.
• Accounting for the unique characteristics of government entities.
• Applying the basic concepts of fund accounting including budgets, encumbrances, and interfund transfers for governmental entities.
• Applying related official pronouncements of the GASB and the FASB.
• Preparing financial reports of a governmental entity and a not-for-profit entity.
• Comparing and contrasting not-for-profit entities with governmental entities and commercial enterprises.
• Analyzing foreign currency translations and remeasurements.
• Preparing foreign currency hedging transactions and adjustments.
• Calculating foreign currency exchange rates.
• Tracing the development of International Accounting concepts and procedures.