Non Profit Accounting – Practitioner’s Guide

Price: $143.20

CPE Credits: 16.0

Category:

Course Number: AANPRFSB

Non Profit Accounting

Description:

This course provides guidance in how to create and operate a nonprofit accounting system, close the books, and produce financial statements – all while operating in accordance with the unique nonprofit accounting standards. Coverage of accounting standards includes revenue recognition, joint costs, split-interest agreements, and mergers and acquisitions. The course also describes detailed systems of control, budgeting, and ratio analysis to maintain a proper level of control over funds. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: May 2014
Updated: March 2017

Format: PDF
Pages: 341

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Cite the criteria used to define a nonprofit organization.
  • Note the essential building blocks of an accounting system.
  • Identify the types of nonprofit financial statements and the comparable for-profit financial statements.
  • Note the instances in which revenue and gains can be recognized by a nonprofit.
  • Cite the methods used to assign costs to a grant-funded program.
  • State the applicable rules related to the recognition of investment assets.
  • Identify the costing characteristics of the various cost layering methodologies.
  • Identify the options available for recognizing a collection.
  • Recall how the 12-month lease exception works.
  • Note the different types of lease payments.
  • Recognize the components of net periodic pension cost, and the accounting for a defined contribution plan.
  • Identify the types of joint costs, and the tests used to determine whether fundraising costs can be allocated.
  • Define the situations in which accounting principles can be changed, and when retrospective application is allowed.
  • State the concept of the principal market and the basis upon which fair value is determined.
  • Cite the accounting for a contribution receivable, as well as the steps involved in a petty cash reconciliation.
  • Identify the accounting associated with split-interest agreements, as well as the nature of lead and remainder interests.
  • Note the circumstances under which the reporting consolidation of two or more entities is required or allowed.
  • Recognize the situations in which the carryover and acquisition methods are used, and whether goodwill or an inherent contribution can be recorded for an acquisition transaction.
  • State the IRS forms used for various nonprofit tax reporting activities, and the circumstances under which they must be filed.
  • Cite the steps involved in closing the books at the end of a reporting period.
  • Identify the line items used in nonprofit budgets and cash forecasts.
  • Note the considerations to be reviewed when creating controls, as well as the controls employed in the cash, fixed asset, payables, and other accounting areas.
  • Recognize the considerations involved in setting policies for collections, asset dispositions, and employee labor.
  • Cite the types of analysis that can be employed to yield insights into the financial condition and fundraising effectiveness of a nonprofit.

 

Description:

This course provides guidance in how to create and operate a nonprofit accounting system, close the books, and produce financial statements – all while operating in accordance with the unique nonprofit accounting standards. Coverage of accounting standards includes revenue recognition, joint costs, split-interest agreements, and mergers and acquisitions. The course also describes detailed systems of control, budgeting, and ratio analysis to maintain a proper level of control over funds. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: May 2014
Updated: March 2017

Format: PDF
Pages: 341

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Cite the criteria used to define a nonprofit organization.
  • Note the essential building blocks of an accounting system.
  • Identify the types of nonprofit financial statements and the comparable for-profit financial statements.
  • Note the instances in which revenue and gains can be recognized by a nonprofit.
  • Cite the methods used to assign costs to a grant-funded program.
  • State the applicable rules related to the recognition of investment assets.
  • Identify the costing characteristics of the various cost layering methodologies.
  • Identify the options available for recognizing a collection.
  • Recall how the 12-month lease exception works.
  • Note the different types of lease payments.
  • Recognize the components of net periodic pension cost, and the accounting for a defined contribution plan.
  • Identify the types of joint costs, and the tests used to determine whether fundraising costs can be allocated.
  • Define the situations in which accounting principles can be changed, and when retrospective application is allowed.
  • State the concept of the principal market and the basis upon which fair value is determined.
  • Cite the accounting for a contribution receivable, as well as the steps involved in a petty cash reconciliation.
  • Identify the accounting associated with split-interest agreements, as well as the nature of lead and remainder interests.
  • Note the circumstances under which the reporting consolidation of two or more entities is required or allowed.
  • Recognize the situations in which the carryover and acquisition methods are used, and whether goodwill or an inherent contribution can be recorded for an acquisition transaction.
  • State the IRS forms used for various nonprofit tax reporting activities, and the circumstances under which they must be filed.
  • Cite the steps involved in closing the books at the end of a reporting period.
  • Identify the line items used in nonprofit budgets and cash forecasts.
  • Note the considerations to be reviewed when creating controls, as well as the controls employed in the cash, fixed asset, payables, and other accounting areas.
  • Recognize the considerations involved in setting policies for collections, asset dispositions, and employee labor.
  • Cite the types of analysis that can be employed to yield insights into the financial condition and fundraising effectiveness of a nonprofit.

 

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