Governmental Accounting and Reporting I from Coursera

What's inside

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.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Useful for those who have worked as accountants in the government and nonprofit sectors and want to enhance their knowledge in the field

Provides a deep dive into the intricacies of governmental and nonprofit accounting, suitable for individuals with a foundational understanding

Taught by instructors with extensive experience in the field, ensuring the delivery of up-to-date and practical knowledge

Offers a comprehensive study of government and nonprofit accounting, covering various aspects of the field

Features a mix of module formats, including theory explanations, quizzes, and practical examples, to enhance learning

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 and Reporting I with these activities:

Follow Online Course on GASB Standards

Show steps

GASB standards are essential for governmental accounting. Following an online course on GASB will help you stay up-to-date and gain a deeper understanding of the standards.

Browse courses on Governmental Accounting

Show steps

Enroll in an online course on GASB standards.
Complete the course modules.
Review the course materials regularly.

Review FASB Accounting Standards Codification

Show steps

Reviewing FASB's Accounting Standards Codification will help you understand the authoritative standards for financial reporting.

View Melania on Amazon

Show steps

Read the relevant sections of the Codification.
Take notes on key concepts.
Complete any practice exercises.

Attend a Workshop on Property Tax Accounting

Show steps

Attending a workshop will provide you with an opportunity to learn from experts and gain practical insights into accounting for property taxes.

Browse courses on Governmental Accounting

Show steps

Find a workshop on property tax accounting.
Register for the workshop.
Attend the workshop.

Five other activities

Expand to see all activities and additional details

Show all eight activities

Practice Journal Entries

Show steps

Practicing journal entries will help you solidify your understanding of the transactions and how they impact financial statements in governmental accounting.

Browse courses on Journal Entries

Show steps

Review the transaction and identify the accounts affected.
Debit and credit the appropriate accounts.
Prepare the journal entry.

Study with a Peer on Government-Wide Financial Statements

Show steps

Studying with a peer can help you clarify concepts, reinforce your understanding, and identify areas where you need additional support.

Show steps

Find a peer who is also taking the course.
Schedule a time to study together.
Review the course materials together.
Discuss any questions or challenges you have.

Create a Poster on Governmental Funds

Show steps

Creating a poster will help you organize and visualize the different types of governmental funds and their characteristics.

Show steps

Research the different types of governmental funds.
Create a poster that illustrates the characteristics of each fund.

Start a Project on Accounting for Capital Projects

Show steps

Starting a project on accounting for capital projects will help you apply the principles of governmental accounting to a real-world scenario.

Show steps

Identify a capital project to work on.
Gather the necessary financial data.
Apply the principles of governmental accounting to record and report the transactions.
Prepare financial statements for the project.

Prepare Financial Statements for a Government Entity

Show steps

Preparing financial statements will give you practical experience in applying the principles of governmental accounting and financial reporting.

Browse courses on Financial Statements

Show steps

Gather the necessary financial data.
Prepare the balance sheet.
Prepare the statement of activities.
Prepare the statement of cash flows.

Career center

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

Financial Manager

Governmental Accounting and Reporting I will be of great help in preparing you for a role as a financial manager in the public sector. The course will teach you about constructing the types of financial statements used by government entities. You will become familiar with how to account for different types of activities and transactions. The course also provides an overview of specific funds used by government entities, such as general funds, special revenue funds, and capital projects funds. This knowledge will help you better understand the financial operations of government organizations.

See salaries and explore the career path for Financial Manager

Accountant

Accountants can work in government at various levels. A government accountant can specialize in accounting for local, state, or federal government agencies. This course, Governmental Accounting and Reporting I, helps build a foundation for accounting principles at the government level. This course will help you better prepare for a government accountant job since it specifically dives into governmental accounting standards under bodies such as GASB and FASB.

See salaries and explore the career path for Accountant

Municipal Auditor

A municipal auditor is an individual who audits financial records and operations of a city, town, village, or other municipality. This course can help someone who wants to become a municipal auditor by providing a strong foundation in governmental accounting and reporting.

See salaries and explore the career path for Municipal Auditor

Budget Analyst

Budget Analysts can use Governmental Accounting and Reporting I to learn the principles of governmental and nonprofit accounting. A large portion of the work a budget analyst does involves working with financial data. By taking this course, a budget analyst can become more familiar with the various types of funds and the accounting associated with them. This knowledge can make a budget analyst more effective in their position.

See salaries and explore the career path for Budget Analyst

Financial Analyst

Financial analysts who work with governmental institutions, such as government agencies and nonprofit organizations, will find great value in taking Governmental Accounting and Reporting I. The course will teach them how to prepare financial statements that meet the unique reporting needs of governmental entities.

See salaries and explore the career path for Financial Analyst

Tax Accountant

Tax accountants can specialize in tax laws and accounting standards at either the state or federal level. Governmental Accounting and Reporting I can provide tax accountants with the foundation needed to understand the unique accounting and reporting requirements of government entities. This knowledge can be used to help clients comply with tax laws and regulations.

See salaries and explore the career path for Tax Accountant

Nonprofit Administrator

Nonprofit administrators are responsible for the overall management of a nonprofit organization. They must have a strong understanding of accounting and financial reporting in order to make sound financial decisions. Governmental Accounting and Reporting I can provide nonprofit administrators with the knowledge and skills they need to succeed in their roles.

See salaries and explore the career path for Nonprofit Administrator

Public Administrator

Public administrators work in government agencies at all levels. They are responsible for managing the day-to-day operations of government programs and services. Governmental Accounting and Reporting I can help public administrators to better understand the financial aspects of their work. The course will also help them to make more informed decisions about how to use public resources.

See salaries and explore the career path for Public Administrator

Government Program Manager

Government Program Managers can benefit greatly from the knowledge and skills gained in Governmental Accounting and Reporting I. Understanding how governmental entities account for and report their financial activities will allow you to make more informed decisions about how to manage your programs. The course will also help you to better understand the financial implications of your decisions.

See salaries and explore the career path for Government Program Manager

Auditor

Similar to working as an accountant in the public sector, auditors can use this course to build a foundation for understanding the standards that apply in governmental accounting reporting. Governmental Accounting and Reporting I teaches the nuances of accounting practices and financial reporting for government and nonprofit entities. Auditors who are familiar with governmental accounting and reporting will find it easier to perform their audit responsibilities.

See salaries and explore the career path for Auditor

Consultant

Governmental Accounting and Reporting I could potentially be useful to someone who wants to work as a consultant in the field of governmental accounting and reporting. The course will provide you with a comprehensive overview of the field, including the different types of funds used by government entities, the accounting principles that apply to government entities, and the financial reporting requirements that government entities must follow. This knowledge will be helpful for you to provide consulting services to government entities on how to improve their accounting and reporting practices.

See salaries and explore the career path for Consultant

Teacher

Governmental Accounting and Reporting I can be useful for someone who wants to teach accounting at the college level. The course will provide you with a comprehensive overview of the field of governmental accounting and reporting. You will learn about the different types of funds used by government entities, the accounting principles that apply to government entities, and the financial reporting requirements that government entities must follow.

See salaries and explore the career path for Teacher

Government Contractor

Government contractors who work with or provide goods and/or services to government agencies will benefit from taking this course. Governmental Accounting and Reporting I will provide you with a better understanding of the accounting and reporting requirements that government agencies must adhere to. This will help you to better understand your clients' financial statements and to prepare proposals that are compliant with government regulations.

See salaries and explore the career path for Government Contractor

Analyst

An analyst can work in either the private or public sector. Governmental Accounting and Reporting I can potentially be useful to someone who wants to work as a financial analyst in the public sector. The course will provide you with a solid understanding of the accounting and reporting requirements that government entities must follow. This knowledge will be helpful for you to analyze the financial statements of government entities and to make recommendations about how to improve their financial performance.

See salaries and explore the career path for Analyst

Financial Advisor

Governmental Accounting and Reporting I may be useful to someone who wants to work as a financial advisor to government entities. The course will provide you with a solid understanding of the accounting and reporting requirements that government entities must follow. This knowledge will be helpful for you to provide financial advice to government entities on how to manage their finances and achieve their financial goals.

See salaries and explore the career path for Financial Advisor