ACC665 Southern New Government and Nonprofit Accounting Paper The following critical elements must be addressed: Governmental Organization: In this section

ACC665 Southern New Government and Nonprofit Accounting Paper The following critical elements must be addressed: Governmental Organization: In this section, you will select a local or state governmental organization (MASSACHUSETTS) and research its financial reports. Describe the local or state governmental organization you have chosen, including the financial reports that you are using in your research. Explain the specific accounting standards that the organization needs to meet based on its governmental status. Discuss the components of the government organization’s financial reports, including supplementary information that is provided and how it benefits the end user. Nonprofit Organization: In this section, you will select a nonprofit organization and research its financial reporting. Describe the nonprofit organization you have chosen, including the financial reports that you are using in your research. Explain the specific accounting standards that the organization needs to meet based on its nonprofit status. Discuss the components of the nonprofit organization’s financial reports, including supplementary information that is provided and how it benefits the end user. In this milestone submission, be sure to include at least four sources cited in APA formatting. Among these citations, you may include your textbook, a CAFR for the government agency you selected, the annual report of the nonprofit you selected, or any additional scholarly resources. Rubric Guidelines for Submission: Your paper should be 3–4 pages, double spaced, with one-inch margins, 12-point Times New Roman font, and formatting according to APA guidelines. ACC 665 Milestone One Part One Guidelines and Rubric
Overview: There are many types of governmental and nonprofit organizations, and they serve many different functions in our society. Governmental and
nonprofit organizations are unlike traditional businesses in that they do not operate based on a profit motive; these organizations are motivated by public
service, and often by a specific cause. Their revenue is obtained through taxes and fees from the citizens they serve, or by donations from outside benefactors.
The financial reporting of these entities also differs from the traditional reporting of for-profit entities. There are some similarities, but there are many
differences too, most notably in local and state governments. As a citizen of your local community, state, and country, you should understand how these
organizations operate, account for financial transactions, and report the financial results of operations. As an accountant, you may one day find yourself
employed by one of these types of organizations, or you may audit one of them. In either of these roles, it is very important for you to have an understanding of
the unique financial accounting and reporting principles associated with these types of entities.
In part one of Milestone One, you will select a local or state governmental organization and a nonprofit organization, and you will research their financial
reports. You will then make an overall assessment of the financial health of each organization. You will also explain the specific accounting standards that an
organization needs to meet based on governmental status. Discuss the components of the organization’s financial reports, including supplementary information
that is provided and how it benefits the end user. Also make sure to identify the classifications and amounts in each of the net assets, and to explain the
meaning of these classifications.
Prompt: In this assignment, you will work through sections I and II of Final Project I, the governmental and nonprofit accounting paper. The numbering of the
critical elements below corresponds with the numbering of critical elements in the Final Project I Guidelines and Rubric document. To begin, you will select a
local or state governmental organization and research their financial reports.
Specifically, the following critical elements must be addressed:
I.
Governmental Organization: In this section of your paper, you will select a local or state governmental organization and research its financial reports.
A. Describe the local or state governmental organization you have chosen, including the financial reports that you are using in your research.
B. Explain the specific accounting standards that the organization needs to meet based on its governmental status.
C. Discuss the components of the government organization’s financial reports, including supplementary information that is provided and how it
benefits the end user.
II.
Nonprofit Organization: In this section of your paper, you will select a nonprofit organization and research its financial reporting.
A. Describe the nonprofit organization you have chosen, including the financial reports that you are using in your research.
B. Explain the specific accounting standards that the organization needs to meet based on its nonprofit status.
C. Discuss the components of the nonprofit organization’s financial reports, including supplementary information that is provided and how it
benefits the end user.
In this milestone submission, be sure to include at least four sources cited in APA formatting. Among these citations, you may include your textbook, a CAFR for
the government agency you selected, the annual report of the nonprofit you selected, or any additional scholarly resources.
Rubric
Guidelines for Submission: Your paper should be 3–4 pages, double spaced, with one-inch margins, 12-point Times New Roman font, and formatting according
to APA guidelines.
Critical Elements
Exemplary (100%)
Governmental
Meets “Proficient” criteria, and
Organization: Financial description demonstrates keen
insight into the organization and
Reports
its financial reports
Proficient (90%)
Describes the local or state
governmental organization,
including the financial reports
being used for research
Governmental
Meets “Proficient” criteria, and Explains the specific accounting
standards that the organization
Organization: Standards explanation demonstrates
insight into the organization’s
needs to meet based on its
standards in relation to its status governmental status
Governmental
Organization:
Components
Meets “Proficient” criteria, and
discussion demonstrates a
complex grasp of end-user
benefits
Nonprofit Organization: Meets “Proficient” criteria, and
description demonstrates
Financial Reports
insight into the organization and
its financial reports
Needs Improvement (70%)
Not Evident (0%)
Value
Describes the local or state
governmental organization, but
description is cursory, or financial
report information is missing
Does not describe the local or state
governmental organization and
financial reports being used for
research
15
Explains the standards that the
Does not explain the standards that
organization needs to meet, but the organization needs to meet
explanation contains inaccuracies
or is cursory or not based on
governmental status
15
Discusses the components of the Discusses the components of the Does not discuss the components
organization’s financial reports, organization’s financial reports, of the organization’s financial
including supplementary
but discussion is cursory, contains report
information that is provided and inaccuracies, or does not include
supplemental information or
how it benefits the end user
discuss end-user benefits
15
Describes the chosen nonprofit
organization, including the
financial reports being used for
research
15
Describes the chosen nonprofit
organization but does not
describe financial reports being
used for research, or description
is cursory or contains inaccuracies
Does not describe the chosen
nonprofit organization and
financial reports being used for
research
Nonprofit Organization: Meets “Proficient” criteria, and Explains the specific accounting
explanation demonstrates
standards that the organization
Standards
insight into the organization’s
needs to meet based on its
standards in relation to its status nonprofit status
Nonprofit Organization: Meets “Proficient” criteria, and
discussion makes cogent
Components
connections with regard to enduser benefits
Articulation of
Response
Explains the standards that the
Does not explain the standards that
organization needs to meet, but the organization needs to meet
explanation contains inaccuracies
or is cursory or not based on
nonprofit status
Discusses the components of the Discusses the components of the Does not discuss the components
financial reports, including
financial reports, but discussion is of the financial report
supplementary information that cursory or does not include
is provided and how it benefits supplemental information or
the end user
discuss end-user benefits
Submission is free of errors
Submission has no major errors
related to citations, grammar, related to citations, grammar,
spelling, syntax, and
spelling, syntax, or organization
organization and is presented in
a professional and easy-to-read
format
Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact readability
and articulation of main ideas
Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
15
15
10
Total 100%

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