ACC 322 Final Project Two: Nonprofit Accounting Guidelines and


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I am needing help with this Government Accounting problem. See attached directions. I need the workbook and a memo completed. ACC 322 Final Project Two Document.pdf ACC 322 Final Project Two: Nonprofit Accounting Guidelines and Rubric Overview The second final project for this course is the creation of an accounting workbook and accompanying memo to management. Unlike traditional businesses, the purpose of nonprofit organizations is to provide services to society. The lack of profit motive and the focus on providing services creates the need for a different kind of accounting and accountability. Revenue sources are different, with nonprofits relying on donations and fees for services. Resources are also accounted for differently because of restrictions often placed on donations. It is the responsibility of the nonprofit accountant to provide accountability for these funds through financial reports. By working through this project, you will understand how revenues and expenses are accounted for in nonprofits. Using this information can also help you analyze the financial position of the organization. This analysis can be used to assess financial strengths and weaknesses. It is important to note that some types of organizationsuniversities and healthcare organizations, for examplecan be for-profit, nonprofit, or government operated. As an accountant, you need to understand how the statements for these organizations would be different under different models. In the accounting workbook and memo, you will use course-provided information to (1) analyze transactions for a nonprofit in accordance with industry standards; (2) create and use financial statements to assist in the analysis of the organization’s financial position; and (3) communicate the results of operations to management. In this assignment, you will demonstrate your mastery of the following course outcomes: Prepare journal entries, financial statements, and supporting documentation that impact reporting for nonprofit and governmental entities using appropriate accounting standards Evaluate governmental and nonprofit accounting statements in determining the fiscal position of various entities using appropriate tools of the discipline Select accounting methods appropriate to the differentiated needs of governmental and nonprofit organizations Determine appropriate strategies for effectively communicating the differences between private sector, governmental, and nonprofit reporting to stakeholders Prompt You are the accountant for a nonprofit organization. Your job requires that you prepare journal entries, post to ledgers, and prepare financial statements. Using the Final Project Two Case Study document and Final Project Two Student Workbook spreadsheet provided, you will prepare an accounting workbook, which includes supporting journals. The supporting journals will be used in preparation of the financial statements. Finally, you will prepare a three- to five-page memo explaining the reports to management. In your memo, you will also discuss how the statements would be different if your organization was private for-profit or government operated. Specifically, the following critical elements must be addressed: I. Prepare an accounting workbook with supporting journals. a) Analyze all transactions in the Final Project Two Case Study document and Final Project Two Student Workbook spreadsheet to determine proper handling. b) Record all journal entries. c) Use journal entries to prepare financial statements. II. Prepare a memo to management a) Analyze the results of operations, including what the results tell the readers about the organization. b) Explain what the statements tell about the strengths and weaknesses of the organization’s financial position. c) Discuss how the accounting and statements would be different if the organization was for-profit. d) Discuss how the accounting and statements would be different if the organization

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