Class was cancelled, but the learning continues. Our homework (problem 3-12 part a, pg. 83 of text) involves journal entries...as does basically all accounting homework, ever.
Board Member Paul Thompson is enrolled in "ACCT 353: Accounting for Nonprofit Organizations" at the University of Louisville, and will be updating this weekly blog describing the course content, lectures, and material.
Week 1 began the same as most college classes, with an introduction by the Professor, Dr. Archie Faircloth, Associate Professor of Accountancy at the College of Business - and a discussion of the syllabus. Additionally, we took a brief look at the modified accrual method of accounting, and the concept of encumbrances; we were also assigned readings in "Essentials of Accounting for Governmental and Not-for-Profit Organizations, 12th Edition" (Chapters 1-3, with special attention to Chapter 3).