Accounting Project – Cheap Research Essays

Overview
The second final project for this course is the creation of an accounting workbookand 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 andfees 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 organizationsuniversities and healthcare organizations, for examplecan 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 demonstrateyour 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

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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 Studydocument and Final Project Two Student Workbookspreadsheet provided, you will prepare an accounting workbook, which includessupporting journals. The supporting journals will be used in preparation of the financial statements. Finally, you will prepare a three-tofive-pagememoexplaining 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 elementsmust be addressed:
I. Prepare an accounting workbookwith supporting journals.
a) Analyzealltransactionsin the Final Project Two Case Study documentand Final Project Two Student Workbookspreadsheet 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 theresults tell the readers about the organization.
b) Explain whatthe 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 was government-operated.

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Guidelines for Submission:You will submit your completed Final Project Two Student Workbook, and include the required entries, statements, and schedules using the appropriate Excel worksheet. Your memo to management must be 3–5 pages in length (plus a cover page and references) and must be written in APA format. Use double spacing, 12-point Times New Roman font, and one-inch margins.