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Essentials of Accounting for Governmental and Not-for-Profit Organizations

ISBN: 9780073130965 | 0073130966
Edition: 8th
Format: Paperback
Publisher: McGraw-Hill/Irwin
Pub. Date: 11/22/2005

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SummaryTable of Contents
Copley and Engstrom'sEssentials of Accounting for Governmental and Not-for-Profit Organizations8e is best suited for those professors whose objective is to provide more concise coverage than is available in larger texts as well as for those professors whose objective is to prepare accounting majors for the uniform CPA Examination in the areas of state and local governmental accounting, accounting for not-for-profit organizations, governmental auditing, and taxation of exempt entities. This edition incorporates all of the FASB, GASB, and AICPA p... MORE
Prefacevi
Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations
1(24)
Generally Accepted Accounting Principles
... MORE(4)
Objectives of Accounting and Financial Reporting
7(2)
Objectives of Accounting and Financial Reporting for the Federal Government
7(1)
Objectives of Financial Reporting by Not-for-Profit Entities
8(1)
Objectives of Accounting and Financial Reporting for State and Local Governmental Units
8(1)
State and Local Governmental Financial Reporting
9(7)
Comprehensive Annual Financial Report
9(2)
Measurement Focus and Basis of Accounting
11(1)
Fund Structure for State and Local Government Accounting and Reporting
12(2)
Number of Funds Required
14(1)
Budgetary Accounting
15(1)
Accounting for Capital Assets, Including Infrastructure
15(1)
Accounting for Long-Term Debt and Other Long-Term Liabilities
16(1)
Additional Resources
16(9)
Overview of Financial Reporting for State and Local Governments
25(43)
The Governmental Reporting Entity
26(2)
Overview of the Comprehensive Annual Financial Report (CAFR)
28(1)
Introductory Section
28(1)
Financial Section
28(28)
Auditor's Report
28(1)
Management's Discussion and Analysis (MD&A)
29(1)
Government-wide Financial Statements
30(6)
Fund Financial Statements
36(7)
Notes to the Financial Statements
43(4)
Required Supplementary Information Other Than MD&A
47(4)
Combining and Individual Fund Statements and Schedules
51(5)
Statistical Section
56(1)
Special-Purpose Governments
56(1)
Public Colleges and Universities
57(1)
Other Governmental Not-For-Profit Organizations
57(11)
Budgetary Accounting for the General and Special Revenue Funds
68(26)
Budgets as Legal Documents
69(2)
Balance Sheet and Operating Statement Accounts
71(1)
Budgets and Budgetary Accounts
71(2)
Recording the Budget
73(1)
Accounting for Revenues
74(2)
Accounting for Encumbrances and Expenditures
76(3)
Budget Revisions
79(2)
Budgetary Comparison Schedule
81(1)
Classification of Estimated Revenues and Revenues
81(1)
Classification of Appropriations and Expenditures
82(1)
AD Valorem Taxes
82(12)
Accounting for the General and Special Revenue Funds
94(38)
Accounting for Nonexchange Transactions
95(2)
Classes of Nonexchange Transactions
95(1)
Eligibility Requirements
95(1)
Recognition Requirements for the Four Classes of Nonexchange Transactions
96(1)
Other Features of GASB Statement 33
97(1)
Modified Accrual Accounting
97(3)
Revenue Recognition
97(3)
Expenditure Recognition
100(1)
Interfund Transactions
100(1)
Interfund Loans
101(1)
Interfund Services Provided and Used
101(1)
Interfund Transfers
101(1)
Interfund Reimbursements
101(1)
General Fund Account Structure
101(1)
Illustrative Case---General Fund
102(13)
Recording the Budget
102(1)
Re-establishment of Encumbrances
102(1)
Recording Prior-Year Property Taxes as Revenues
103(1)
Tax Anticipation Notes Payable
103(1)
Payment of Liabilities as Recorded
103(1)
Encumbrance Entry
104(1)
Recording Property Tax Levy
104(1)
Collection of Delinquent Taxes
104(1)
Collection of Current Taxes
105(1)
Other Revenues
105(1)
Repayment of Tax Anticipation Notes
106(1)
Recognition of Expenditures for Encumbered Items
106(1)
Payrolls and Payroll Taxes
106(1)
Payment of Vouchers and Other Items
107(1)
Correction of Errors
107(1)
Amendment of the Budget
108(1)
Interfund Transactions
108(2)
Write-off of Uncollectible Delinquent Taxes
110(1)
Reclassification of Current Taxes
110(1)
Accrual of Interest and Penalties
111(1)
Deferral of Property Tax Revenue
111(1)
Special Item
111(1)
Preclosing Trial Balance
112(1)
Closing Entries
112(1)
Year-End Financial Statements
113(2)
Illustrative Case---Special Revenue Fund
115(2)
Motor Fuel Tax Revenues
115(1)
Expenditures for Road Repairs
115(1)
Reimbursement to General Fund
116(1)
Reimbursement Grant Accounting
116(1)
Closing Entry
116(1)
Year-End Financial Statements
116(1)
Recognition of Inventories in Governmental Funds
117(15)
Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent
132(33)
Capital Projects Funds
134(5)
Illustrative Case
135(4)
Acquisition of General Fixed Assets by Lease Agreements
139(2)
Construction of General Fixed Assets Financed by Special Assessment Debt
141(1)
Debt Service Funds
141(11)
The Modified Accrual Basis---Meaning for Debt Service
142(1)
Additional Uses of Debt Service Funds
142(1)
Debt Service Accounting for Serial Bonds
142(1)
Illustrative Case---Regular Serial Bonds
143(2)
Debt Service Accounting for Deferred Serial Bonds
145(1)
Debt Service Accounting for Term Bonds
145(1)
Debt Service Accounting for Capital Lease Payments
145(1)
Bond Refundings
146(1)
Permanent Funds
146(6)
Financial Reporting for Governmental Funds
152(13)
Balance Sheet---Governmental Funds
152(1)
Statement of Revenues, Expenditures, and Changes in Fund Balances---Governmental Funds
152(13)
Proprietary Funds
165(37)
Internal Service Funds
167(5)
Establishment and Operation of Internal Service Funds
167(1)
Illustrative Case---Supplies Fund
168(4)
A Note About Risk Management Activities
172(6)
Implications for Other Funds
178
Enterprise Funds
173(7)
Illustrative Case---Water Utility Fund
174(4)
Preclosing Trial Balance
178(2)
Proprietary Fund Financial Statements
180(22)
Statement of Net Assets
180(2)
Statement of Revenues, Expenses, and Changes in Fund Net Assets
182(1)
Statement of Cash Flows
183(2)
Accounting for Municipal Solid Waste Landfills
185(17)
Fiduciary (Trust) Funds, Interfund Transactions
202(35)
Agency Funds
203(4)
Tax Agency Funds
205(1)
Accounting for Tax Agency Funds
205(2)
Financial Reporting for Agency Funds
207(1)
Private-Purpose Trust Funds
207(4)
Accounting for Investments
209(1)
Illustrative Case---Private-Purpose Trust Funds
209(2)
A Note about Escheat Property
211(1)
Investment Trust Funds
211(1)
Public Employee Retirement Systems (Pension Trust Funds)
212(11)
Accounting and Reporting for Defined Benefit Pension Plans
213(4)
A Note About Other Postemployment Benefits
217(1)
Summary of Employer Reporting
218(3)
A Note about IRS 457 Deferred Compensation Plans
221(1)
Interfund Transactions
221(1)
Reciprocal Interfund Activity---Interfund Loans
221(1)
Reciprocal Interfund Activity---Interfund Services Provided and Used
222(1)
Nonreciprocal Interfund Activity---Interfund Transfers
222(1)
Nonreciprocal Interfund Activity---Interfund Reimbursements
223(1)
A Final Comment on Fund Accounting and reporting
223(14)
Government-Wide Statements, Fixed Assets, Long-Term Debt
237(39)
Conversion from Fund Financial Records to Government-wide Financial Statements
238(9)
Recording Capital Assets, Removing Expenditures for Capital Outlays, Recording Depreciation, and Converting Sales of Capital Assets to the Accrual Basis
240(2)
Changing ``Proceeds of Bonds'' to Debt Liabilities, Changing Expenditures for Debt Service Principal to Reduction of Liabilities, and Adjusting for Interest Accruals
242(1)
Adjusting to Convert Revenue Recognition to the Accrual Basis
243(1)
Adjusting to Record Expenses on Accrual Basis
244(1)
Adding Internal Service Funds to Governmental Activities
244(2)
Eliminating Interfund Activities and Balances within Governmental Activities
246(1)
Worksheet to Illustrate the Adjustments
247(1)
Government-wide Financial Statements
247(9)
Statement of Net Assets
250(1)
Statement of Activities
251(3)
Required Reconciliation to Government-wide Statements
254(2)
Accounting for Fixed Assets, Including Infrastructure
256(4)
Accounting for General Fixed Assets
256(1)
Accounting for Infrastructure
257(1)
The Modified Approach for Reporting Infrastructure
258(1)
Collections
258(1)
Asset Impairment
259(1)
Accounting for Long-Term Debt
260(16)
Types of General Long-Term Debt
260(1)
Debt Disclosures and Schedules
260(16)
Accounting for Special-Purpose Entities, Including Public Colleges and Universities
276(34)
GASB Statement 34 Reporting Rules for Special-Purpose Entities
276(7)
Reporting by Special-Purpose Local Governments Engaged in Governmental Activities
277(2)
Reporting by Special-Purpose Local Governments Engaged Only in Business-Type Activities
279(3)
Reporting by Special-Purpose Local Governments Engaged Only in Fiduciary-Type Activities
282(1)
Accounting and Financial Reporting for Public Colleges and Universities
283(17)
The Environment of Public Higher Education
283(1)
Accounting and Financial Reporting for Public Institutions of Higher Education
284(2)
Illustrative Case---Northern State University---Beginning Trial Balance
286(1)
Illustrative Case---Journal Entries
287(6)
Illustrative Case---Closing Entries
293(3)
Illustrative Case---Financial Statements
296(4)
Summary
300(10)
Accounting for Private Not-For-Profit Organizations
310(34)
Organizations Covered in this Chapter
312(1)
Overview of Not-For-Profit Accounting
313(5)
Three Classes of Net Assets
313(1)
Financial Reporting
313(1)
Note Disclosures
314(1)
Accounting, Including Reclassifications of Net Assets
314(2)
Special Topics: Accounting for Contributions
316(2)
Illustrative Transactions and Financial Statements
318(11)
Beginning Trial Balance
318(1)
Transactions
319(7)
Financial Statements
326(1)
Alternative Procedure for Recording Fixed Assets
327(2)
Performance Evaluation
329(3)
Summary of Not-For-Profit Accounting and Reporting
332(12)
College and University Accounting---Private Institutions
344(28)
Overview of Private College and University Accounting
346(4)
Financial Statements
346(1)
Net Asset Classification
347(1)
Revenue Reduction versus Expenses
348(1)
Academic Terms Encompassing More Than One Fiscal Year
348(1)
Expenses
348(1)
Other Accounting Guidance
349(1)
Illustrative Transactions and Financial Statements
350(7)
Illustrative Transactions
351(6)
Illustrative Financial Statements for Private Colleges and Universities
357(1)
Split-Interest Agreements
357(5)
Summary of Accounting and Reporting
362(10)
Accounting for Hospitals and Other Health Care Providers
372(27)
Accounting and Reporting Requirements of the Health Care Guide
374(3)
Illustrative Transactions and Financial Statements
377(10)
Beginning Trial Balance
377(6)
Illustrative Statements for Private-Sector Not-For-Profit Health Care Entities
383(4)
Financial Reporting for Governmental Health Care Entities
387(1)
Financial Reporting for Commercial (For-Profit) Health Care Entities
387(1)
Summary and Conclusions Regarding Health Care Accounting and Reporting
388(11)
Auditing, Tax-Exempt Organizations, and Evaluating Performance
399(37)
Governmental Auditing
400(10)
The Single Audit Act and Amendments
406(2)
The Sarbanes-Oxley Act
408(2)
Tax-Exempt Organizations
410(7)
Applying for Tax-Exempt Status
411(1)
Federal Filing Requirements
411(3)
Public Disclosures
414(1)
State Filing Requirements
414(2)
Unrelated Business Income Tax (UBIT)
416(1)
IRS Oversight
416(1)
Summary and Some Conclusions Related to Exempt Entities
417(1)
Evaluating Performance
417(19)
Analysis of Not-For-Profit Organization Financial Statements
418(1)
Analysis of State and Local Government Financial Statements
418(5)
Service Efforts and Accomplishments Reporting
423(13)
Glossary: Governmental and Not-For-Profit Accounting Terminology436(23)
Index459

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