Course Description:
Governmental and nonprofit organizations account for a very large segment of industry in the United States. It is about 80% of the whole business organizations in the U.S. The accounting function in these organizations follows unique guidelines that are not covered in other offered accounting courses except an introductory part in the Advanced Accounting course. The purpose of this course is to provide students not only with the fundamentals of accounting for this sector of industry, but also with the operational concerns an accountant has to take into consideration that have an impact on the accounting functions or the tax exempt status of these organizations. Also the CPA exam tests the candidate’s knowledge in applying the accounting principles and procedures to the governmental and not-for-profit organizations.
Prerequisite: Intermediate Accounting I and II or equivalent.
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