Governmental Accounting II and Nonprofit Accounting from Coursera

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Syllabus

Course Introduction and Module 1: Fiduciary Funds and Reconciliation Statements

This module covers the key characteristics of fiduciary funds. We will also learn how to account for transactions for fiduciary funds and practice creating the fiduciary funds’ required financial statements. We will also refine our understanding of the five Categories of Fund Balance and practice classifying transactions into the five Categories of Fund Balance. Lastly, we will cover key concepts related to reconcile the Balance Sheet of Governmental Funds to the Statement of Net Position.

Module 2: Financial Reporting for State and Local Government Part I

Government-wide financial reporting is a critical aspect of transparent and accountable financial reporting for state and local governments. It provides stakeholders with a comprehensive view of a government's financial health and activities. This module outlines the steps involved in preparing the government-wide Statement of Net Position and the government-wide Statement of Activities from trial balances and supporting documentation.

Module 3: Financial Reporting of State and Local Government Part II

Government entities, including state and local governments, are responsible for preparing various fund financial statements, along with government-wide statements, to report on the financial activities of governmental funds, proprietary funds, and fiduciary funds. These financial statements play a crucial role in transparent and accountable financial reporting. This overview outlines the steps involved in preparing the required financial statements.

Module 4: Financial Reporting of State and Local Governments Part III and Analysis of Government Financial Performance

In addition to the government-wide and fund financial statements, GASB requires state and local governments to include three other components: Management’s Discussion and Analysis, Notes to the Financial Statements, and Required Supplementary Information. This module provides an overview of key concepts related these other three components of financial reporting. Additionally, we will cover other disclosure and reporting topics such as inventory accounting methods and reporting requirements for required supplementary information. Lastly, this module will highlight a few key financial performance concepts and financial performance ratios.

Module 5: Introduction to Nonprofit Organizations, Regulatory Requirements, and Financial Reporting

This module introduces the fundamental aspects of nonprofit entities, including their definition and the standards-setting body for nonprofit accounting principles. We will identify users of nonprofit financial statements and the procedures for obtaining 501(c)(3) tax-exempt status. We will further our understanding of the requirements and steps for 501(c)(3) qualification as well as identify potential events leading to the loss of tax-exempt status. Additionally, we will learn about the major components in the Statement of Financial Position. Lastly, we will identify the two components of nonprofit net assets and differentiate between conditional and unconditional promises to give.

Module 6: Accounting and Financial Reporting for Nonprofit Organizations Part I

This module provides a comprehensive understanding of financial aspects in nonprofit organizations. It includes analyzing the Statement of Activities components, and handling various revenue recognition issues as they relate to support or contributions, in-kind gifts and donations, revenues from exchange transactions, and gains on investment income. We will create journal entries for basic nonprofit transactions and prepare financial statements like the Statement of Activities and Statement of Financial Position from trial balances. Additionally, we will get a better understanding of FASB’s nonprofit requirements as they relate to reporting expenses by function and nature as well as the requirements for the components of a nonprofit's Statement of Cash Flow.

Module 7: Accounting and Financial Reporting for Nonprofit Organizations Part II

This module will teach you how to prepare financial statements following generally accepted accounting principles for nonprofit entities. Additionally, it encompasses the preparation of journal entries, and the necessary adjusting and closing of journal entries. We will create the required sets of financial statements for nonprofit entities. Lastly, it involves combining concepts from previous modules to create comprehensive financial statements, from inception to disclosure.

Module 8: Nonprofit Organizations—Regulatory, Taxation, and Performance Issues

In this module, you will get a better understanding of the difference between private foundations and public charities. We will practice calculating the Public Support Test for tax-exempt status and highlight reporting financial and operational details in Form 990. We will also review key concepts unique to the nonprofit sector, including tax-exempt status, unrelated business income tax, political activity restrictions, and preventing excessive officer benefits. Lastly, we will cover governance issues that arise in nonprofit boards and discuss how to analyze financial statements.

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Develops knowledge of FIDUCIARY FUNDS, such as their key characteristics, accounting, transactions, and reconciliation to the Statement of Net Position, which is standard in government financial reporting

Teaches GOVERNMENT-WIDE FINANCIAL REPORTING, which helps learners understand the different components of government-wide financial statements, including the Statement of Net Position and Statement of Activities, and how to prepare them

Covers FINANCIAL REPORTING OF STATE AND LOCAL GOVERNMENTS, including preparing various fund financial statements like the balance sheet, statement of revenues and expenditures, and statement of cash flows, which is essential for transparent financial reporting

Examines NONPROFIT ORGANIZATIONS, including their unique financial reporting and regulatory aspects, and how to prepare their financial statements according to generally accepted accounting principles (GAAP)

Explores REGULATORY AND TAXATION ISSUES SPECIFIC TO NONPROFIT ENTITIES, such as obtaining 501(c)(3) tax-exempt status, unrelated business income tax, and political activity restrictions, which is crucial for compliance and governance

Taught by JENNY ULLA, who is an experienced instructor in financial reporting and accounting

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Governmental Accounting II and Nonprofit Accounting with these activities:

Review accounting principles

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Enhance your understanding of core accounting concepts to solidify the foundational knowledge you will learn in this course.

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Identify and summarize the five basic accounting principles.
Explain the different types of financial statements and their purposes.
Review the accounting equation and how it is used to record transactions.

Complete 10 practice quizzes on fiduciary funds and reconciliation statements

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Practice completing quizzes on fiduciary funds and reconciliation statements to reinforce your understanding of these concepts.

Browse courses on Fiduciary Funds

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Access the 10 practice quizzes on the course platform.
Complete each quiz carefully, answering all questions to the best of your ability.
Review your answers and identify areas where you need further study.

Explore online tutorials on government-wide financial reporting

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Expand your knowledge by seeking out online tutorials on government-wide financial reporting.

Browse courses on Government Accounting

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Search for reputable online sources that provide tutorials on government-wide financial reporting.
Select a tutorial that aligns with your learning style and level of understanding.
Follow the tutorial step-by-step, taking notes and completing any practice exercises.

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Practice accounting scenarios

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Reinforce your understanding of accounting principles by solving practical accounting scenarios relevant to state and local governments.

Browse courses on Financial Reporting

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Analyze a scenario and identify the relevant accounting principles.
Record the transactions using the appropriate journal entries.
Prepare the financial statements based on the recorded transactions.
Identify and explain key insights from the financial statements.

Solve 5 mock problems related to nonprofit organizations' financial reporting

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Challenge yourself with mock problems to enhance your understanding of nonprofit organizations' financial reporting.

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Gather a set of mock problems related to nonprofit organizations' financial reporting.
Allocate sufficient time to solve each problem carefully, showing your work and calculations.
Check your solutions against the provided answer key or consult with a subject matter expert for feedback.

Develop a presentation on financial performance analysis for state and local governments

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Demonstrate your understanding by creating a presentation on financial performance analysis for state and local governments.

Browse courses on Financial Performance Analysis

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Research and gather data on financial performance analysis techniques for state and local governments.
Develop an outline for your presentation, including key concepts and supporting evidence.
Create visual aids, such as charts and graphs, to illustrate your points.
Practice delivering your presentation to ensure clarity and effectiveness.

Career center

Learners who complete Governmental Accounting II and Nonprofit Accounting will develop knowledge and skills that may be useful to these careers:

Nonprofit Budget Analyst

Nonprofit Budget Analysts prepare and manage budgets for nonprofit organizations. They analyze financial data and make recommendations on how to allocate resources. This course provides students with the skills to analyze financial performance and make informed decisions. It also covers the unique financial reporting requirements for nonprofit organizations, making it a good foundation for those who wish to become Nonprofit Budget Analysts.

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Government Accountant

Government Accountants work in local, state, and federal agencies to examine financial records and ensure compliance with relevant laws and regulations. This course provides a deep-dive into applying Generally Accepted Accounting Principles to government entities, from fiduciary funds to reconciliation statements and performance analysis. The course also provides important context into the unique financial reporting requirements governing these entities.

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Nonprofit Finance Director

Nonprofit Finance Directors are responsible for overseeing the financial operations of nonprofit organizations. They prepare and manage budgets, analyze financial data, and make recommendations on how to allocate resources. Those who wish to become Nonprofit Finance Directors may find this course to be a helpful introduction to the financial reporting and analysis techniques used by nonprofit organizations.

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Staff Accountant

Staff Accountants perform a variety of accounting tasks, such as preparing financial statements, maintaining accounting records, and auditing financial data. This course provides a comprehensive introduction to financial accounting, making it a good starting point for those who wish to become Staff Accountants.

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Public Accountant

Public Accountants provide accounting, auditing, and tax services to businesses and individuals. They may also provide consulting services. This course provides a strong foundation in accounting principles, which can be helpful for those who wish to become Public Accountants. The course covers topics such as financial reporting, performance analysis, and fiduciary funds.

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Investment Analyst

Investment Analysts research and make recommendations on stocks and other investments. They may also provide portfolio management services. This course may be helpful for aspiring Investment Analysts, as it provides a strong foundation in accounting principles and financial reporting. The course also covers topics such as performance analysis and fiduciary funds.

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Financial Analyst

Financial Analysts forecast financial risks and recommend stocks and other investments to clients based on their research and analysis. This course covers accounting fundamentals and the ins and outs of fiduciary funds, which can make it a good starting place for aspiring Financial Analysts, especially those who have not attended school for finance.

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Budget Analyst

Budget Analysts prepare and manage budgets for businesses and organizations. They may also analyze financial data and make recommendations on how to allocate resources. This course may be helpful for aspiring Budget Analysts, as it provides a strong foundation in accounting principles and financial reporting. The course also covers topics such as performance analysis and fiduciary funds.

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Internal Auditor

Internal Auditors assess an organization's internal controls and recommend improvements where necessary. This course may be helpful for aspiring Internal Auditors, as it provides a strong foundation in accounting principles and financial reporting. The course also covers topics such as performance analysis and fiduciary funds.

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Forensic Accountant

Forensic Accountants investigate financial fraud and other crimes. They may also provide expert testimony in court. This course may be helpful for aspiring Forensic Accountants, as it provides a strong foundation in accounting principles and financial reporting. The course also covers topics such as performance analysis and fiduciary funds.

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Tax Accountant

Tax Accountants help businesses and individuals comply with tax laws and regulations. They may also provide tax planning and consulting services. This course provides a strong foundation in accounting principles, which can be helpful for those who wish to become Tax Accountants. The course covers topics such as financial reporting, performance analysis, and fiduciary funds.

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Risk Analyst

Risk Analysts identify, assess, and mitigate financial risks for businesses. This course provides a foundation in financial accounting and analysis, which can be helpful for those who wish to become Risk Analysts. The course covers topics such as financial reporting, performance analysis, and fiduciary funds.

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Financial Planner

Financial Planners help clients plan for their financial future. They may provide advice on investments, retirement, and estate planning. This course may be helpful for aspiring Financial Planners, as it provides a strong foundation in accounting principles and financial reporting. The course also covers topics such as performance analysis and fiduciary funds.

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Management Accountant

Management Accountants play a critical role in businesses by providing financial insights to help managers make informed decisions. This course may be helpful for aspiring Management Accountants, as it covers a range of financial reporting and analysis techniques, including how to analyze financial performance and make informed decisions.

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Audit Associate

Audit Associates are responsible for examining financial records for accuracy, and come from various backgrounds in finance or accounting. Those who wish to become Audit Associates who come from a non-traditional background may find that the financial accounting information taught in this course, such as reconciliation and financial reporting analysis, can help them build a foundation in accounting.

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Governmental Accounting II and Nonprofit Accounting

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