THE COLLEGE OF THE BAHAMAS Course Outline Title: Fund Accounting
Abbreviation and Number: ACCA413
AB Paper No.: 14- 55
School: Business
Department: Accounting
Credits: 3
Course Sequence: ( X ) Fall
( ) Spring
( 3 ) Lecture
( ) Seminar
( ) Laboratory
Hours Per Week:
( ) Other (Specify)
Pre-requisite(s): ACCA305 and Fourth Year Standing
Co-requisite(s): None
(
(
) Fall and Spring
) Studio
( ) Kitchen
COURSE DESCRIPTION
Students focus on accounting procedures and financial reporting for governmental units, colleges, universities and
health care organisations. They cover public sector budgeting, preparation of various funds and financial statements.
SPECIFIC OBJECTIVES
Upon successful completion of this course, students will be able to
1)
access the methodology of accounting for profit (commercial) organisations, governmental units and nonprofit organisations;
2)
differentiate between financial accounting, accounting for government units and non-profit organisations;
3)
analyse inter-fund transactions;
4)
distinguish between governmental, proprietary and fiduciary funds;
5)
account for transactions within various funds; and
6)
apply accounting principles to prepare financial statements.
COURSE CONTENT
I.
Governmental and Nonprofit Accounting
A.
Environment
B.
Characteristics
C.
Units and organisations
D.
Authoritative sources
II.
Budgeting
A.
Planning
B.
Control
C.
Evaluation
D.
Approaches and emphasis
E.
Preparation
F.
Legislative considerations and actions
G.
Execution
III.
Governmental, Proprietary and Fiduciary funds
A.
Balance Sheet
B.
Statement of Revenues and Expenditures
C.
Budget vs actual
D.
Combining Special Revenue Fund Statements
IV.
Revenue Accounting
A.
Recognition
The College of The Bahamas
AB Paper No.: 14- 55
Course Outline
Title: Fund Accounting
Abbreviation and Number: ACCA413
B.
C.
D.
E.
F.
G.
H.
Classification
Taxes
Licenses and permits
Charges for services
Fines and forfeitures
Budget revisions
Changes in accounting principles
V.
Expenditure Accounting
A.
Recognition
B.
Controls
C.
Procedures
D.
Classification
E.
Allocations and allotments
F.
Appropriations
G.
Adjusting entries
H.
Changes in accounting principles
VI.
Capital Project Funds
A.
Accounting standards
B.
Accounting and reporting
VII.
Debt Service Funds
A.
Environment
B.
Financing and expenditure recognition
C.
Serial bond issue
D.
Term bond issue
E.
Special assessment
F.
Other conventional considerations
G.
Sinking fund requirements
H.
Refunding
VIII.
Interfund Accounting
A.
General capital assets
B.
General long-term liabilities
C.
Permanent funds
IX.
Enterprise Funds
A.
Types
B.
Common characteristics
C.
Principles
D.
Combining financial statements
X.
Internal Services Funds
A.
Accounting principles
B.
Increase or decrease in net assets
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The College of The Bahamas
AB Paper No.: 14- 55
Course Outline
Title: Fund Accounting
Abbreviation and Number: ACCA413
C.
D.
Dissolution
Combining financial statements
XI.
Financial Statements
A.
Discussion and analysis
B.
Governmental activities
C.
Adjustments
D.
Elimination of inter-fund transactions
E.
Supplemental and special purpose reporting
XII.
Accounting for Colleges and Universities
A.
Generally accepted accounting principles (GAAP) reporting requirements
B.
Governmental Accounting Standards Board (GASB) reporting requirements
C.
Annuity and life income gifts
D.
Governmental and business type activities
XIII.
Accounting for Health Care Organisations
A.
Government hospitals
B.
Measurement and display features
C.
Financial statements
ASSESSMENT
Assignments………………………………..10%
Case Studies……………………………….20%
Tests…………..…………………………….40%
Final examination………………………….30%
Total……………………………………… 100%
REQUIRED TEXT
Freeman, R. J., & Shoulders, C. D. (2010). Governmental and nonprofit accounting: Theory and practice (10th ed.).
Upper Saddle River, N.J.: Prentice Hall.
SUPPLEMENTARY READINGS/MATERIALS
Beams, F. A., Anthony, J. H., Clement, R. P., & Lowensohn, S. H. (2003). Advanced accounting (8th ed.). Upper
Saddle River, N.J.: Prentice Hall.
Beams, A., Bettinghaus, B., & Smith, K. (2012). Advanced accounting (11th ed.). Upper Saddle River, NJ:
Pearson/Prentice Hall.
Fisher, P. M., Taylor, W. J., & Cheng, R. H. (2013). Advanced accounting (11th ed.). Mason, OH: South-Western
Cengage Learning.
Ives, M., Razek J. R., & Hosch, G. A. (2004). Introduction to governmental not-for-profit accounting (5th ed.). Upper
Saddle River, N.J.: Prentice Hall.
Weirich, T. R., Pearson, T. C., & Churyk, N. T. (2014). Accounting and auditing research: Tools and strategies
(8th.ed.). Hoboken, N.J.: Wiley.
JOURNALS
Accounting Today
Governmental Accounting Standards Board (GASB) Journal
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The College of The Bahamas
AB Paper No.: 14- 55
Course Outline
Title: Fund Accounting
Abbreviation and Number: ACCA413
Journal of Accountancy
The GAAP Guidebook
WEBSITES
www.fasb.org
www.gao.gov
www.gasb.org
www.ifac.org
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