Governmental Accounting and Reporting I

University of Illinois at Urbana-Champaign via Coursera

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Go to class

Provider

Coursera
Pricing

Free Online Course (Audit)
Languages

English
Certificate

Paid Certificate Available
Duration & workload

1 day 4 hours 23 minutes
Sessions

On-Demand
Level

Intermediate
Subtitles

English

Found in

Overview

This course includes -8 graded quizzes, required for completion, and -86 optional practice quizzes for you to check your understanding of key concepts. Building on the fundamentals, these modules dive into specific aspects of governmental and nonprofit accounting. You'll learn about constructing the required financial statements, including the statements for the government-wide as well as fund financial statements. You’ll also learn in great detail the difference between the three categories of funds: Governmental Funds, Proprietary Funds, and Fiduciary Funds. These modules provide in-depth knowledge of accounting practices and financial reporting for government and nonprofit entities.

Syllabus

Course Introduction and Module 1: Introduction and Principles of Governmental and Nonprofit Accounting

Government and nonprofit accounting involve specialized reporting practices driven by their unique characteristics and intended purposes. Reporting standards set by authoritative bodies like GASB and FASB ensure transparency and accountability to meet the needs of diverse stakeholders, while fund accounting helps entities manage resources effectively and report financial information accurately.

Module 2: Accounting and Financial Reporting for Governmental Entities

Accurate and transparent financial reporting is the aim of governmental reporting. It ensures that financial information is presented in a way that meets the needs of various stakeholders while adhering to specific accounting standards and principles. In this module, we will begin to look at the foundational construction of government financial statements.

Module 3: Government-Wide Statement of Activities and Introduction to Governmental Fund Financial Statements

In governmental accounting, the Statement of Net Position within Government-Wide Financial Statements serves as a critical snapshot of a government entity's financial health, categorized into Net Investment in Capital Assets, Restricted, and Unrestricted. Operating Revenues and Expenses in Government-Wide Statements of Activities delineate the revenues and expenses associated with core governmental activities, distinguishing between program and general revenue sources. Governmental Fund Financial Statements follow modified accrual accounting, comprising essential funds and featuring financial statements like the Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balances, and the Statement of Cash Flows. Transfers and Internal Balances facilitate resource allocation among funds, while Fund Balance classifies resources as Nonspendable, Restricted, Committed, Assigned, or Unassigned. Additionally, Revenues and Other Financing Sources, Expenditures, and Other Financing Uses clarify financial inflows and outflows in governmental funds, contributing to transparent financial management within government entities.

Module 4: Accounting for Governmental Operating Activities in the General Fund

In this module, we will get an overview of what the General Fund is and how to account for transactions under the General Fund. We will examine and analyze the General Fund's operating budget and transactions, preparing and analyzing journal entries for budgetary reporting and preparing fund-level journal entries. We will also account for transactions under the modified accrual basis of accounting for state and local governments, handling encumbrances within and from prior fiscal years and analyzing and recording operating transactions for governmental activities at both government-wide and fund levels.

Module 5: General Fund Financial Statements, Accounting for Special Revenue Fund and Permanent Fund, Accounting for Internal and External Transactions

We will prepare required General Fund financial statements. They include the preparation of year-end General Fund financial statements, budget creation, and calculating ending fund balances. We will also learn how to account for property taxes under modified accrual basis. We will also learn about the key characteristics for the special revenue and permanent funds, with a focus on accurately accounting for their transactions and journal entries. Additionally, we will differentiate how to handle three grant types: purpose-restricted, time-restricted, and eligibility-restricted. Lastly, we’ll discuss how to account for transactions that take place internally versus externally and transactions that are reciprocal or nonreciprocal.

Module 6: General Capital Assets and Capital Projects Fund Accounting for General Long-Term Liabilities and Debt Service

In this module we will learn about our next two governmental funds: capital projects fund and the debt service fund. We will focus on how governmental entities account for General Capital Assets and General Long-Term Liabilities on the fund-level and the government-wide level. Additionally, we will prepare financial statements for the capital projects fund and the debt service fund. We will get into detail about characteristics of a serial and term bond. Additionally, we will explore new disclosures in the financial statements and define new terms such as debt margin and debt limit.

Module 7: Accounting for the Business-Type Activities of State and Local Governments

We will introduce proprietary funds and their key characteristics. We will learn about how these two funds are reported on both the fund level and the Government-wide level. In this section, we will also cover the three net position classification and get practice on categorizing transactions into these three classifications of net position. Lastly, we will account for transactions for both proprietary funds and create financial statements.

Module 8: Statement of Cash Flow for Proprietary Funds and Component Unit Reporting Requirements

In this module, we will focus on the Statement of Cash Flow for proprietary funds. We will first differentiate between FASB and GASB Statement of Cash Flow requirements. Next, in order to understand how governmental entities account for cash flow transactions, we will classify what activities and transactions are inflows and outflows on the Statement of Cash Flow and we will prepare a Statement of Cash Flow. In addition to this, we will create a required piece of GASB’s Statement of Cash Flow, which is the Reconciliation of Operating Income to Net Cash Provided by Operating Activities for a Statement of Cash Flow.