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Accounting Degree
Course Description course provides guidance in how to create and run a non-profit accounting system, close the books, and produce financial statements - all while operating according to the distinctive non-profit standard accounting practice. Coverage of non-profit standard accounting practice includes revenue recognition, joint costs, split attention contracts, and mergers and purchases. The course also explains detailed systems of control, budgeting, and ratio analysis to preserve an adequate level of control over funds. The course includes the 2016 updates to non-profit Generally Accepted Accounting Principles as stated in ASU 2016-14. Cite the criteria used to determine a non-profit organization. Note the essential constituent elements of an accounting system. Identify the types of non-profit financial statements and the equivalent for profit financial statements. Note the instances wherein revenue and gains can be acknowledged by a nonprofit. Cite the methods utilized to assign costs to a grant funded plan. State the relevant rules associated to the reputation of investment assets. Identify the costing faculties of the different cost layering methodologies. Identify the available options for recognizing a collection. Recognize the cost of net periodic pension cost, and the accounting to get a defined contribution plan. Identify the types of joint costs, and the tests utilized to determine whether fundraising costs may be designated.
Define the situations wherein accounting principles can be changed, and once retrospective application is allowed. State the concept of the principal marketplace and the foundation upon which fair value is determined. Cite the accounting to get a contribution receivable, and also the steps involved with a petty cash reconciliation. Identify the accounting connected with split interest contracts, and also the nature of lead and remainder interests. Recognize the situations wherein the carryover and purchase methods are utilized, and whether goodwill or an intrinsic contribution can be recorded to get an acquisition transaction. Identify the line items utilized in non-profit budgets and cash forecasts. Note the considerations to be examined when developing controls, and also the controls used in the cash, fixed asset, payables, along with other accounting areas. Recognize the considerations involved with setting guidelines for selections, asset dispositions, and employee labor. Cite the types of investigation that may be used to yield insights into the economic situation and fundraising effectiveness of the nonprofit.
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