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

by: Copley, Paul A.; Engstrom, John H.

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

by: Copley, Paul A.; Engstrom, John H.

ISBN 13:
9780073130965
ISBN 10:
0073130966
Edition: 8th
Format: Paperback
Copyright: 11/22/2005
Publisher: McGraw-Hill/Irwin
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Summary

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 pronouncements passed since the last edition.

Preface

Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations

(24)

Generally Accepted Accounting Principles

(4)

Objectives of Accounting and Financial Reporting

(2)

Objectives of Accounting and Financial Reporting for the Federal Government

(1)

Objectives of Financial Reporting by Not-for-Profit Entities

(1)

Objectives of Accounting and Financial Reporting for State and Local Governmental Units

(1)

State and Local Governmental Financial Reporting

(7)

Comprehensive Annual Financial Report

(2)

Measurement Focus and Basis of Accounting

(1)

Fund Structure for State and Local Government Accounting and Reporting

(2)

Number of Funds Required

(1)

Budgetary Accounting

(1)

Accounting for Capital Assets, Including Infrastructure

(1)

Accounting for Long-Term Debt and Other Long-Term Liabilities

(1)

Additional Resources

(9)

Overview of Financial Reporting for State and Local Governments

(43)

The Governmental Reporting Entity

(2)

Overview of the Comprehensive Annual Financial Report (CAFR)

(1)

Introductory Section

(1)

Financial Section

(28)

Auditor's Report

(1)

Management's Discussion and Analysis (MD&A)

(1)

Government-wide Financial Statements

(6)

Fund Financial Statements

(7)

Notes to the Financial Statements

(4)

Required Supplementary Information Other Than MD&A

(4)

Combining and Individual Fund Statements and Schedules

(5)

Statistical Section

(1)

Special-Purpose Governments

(1)

Public Colleges and Universities

(1)

Other Governmental Not-For-Profit Organizations

(11)

Budgetary Accounting for the General and Special Revenue Funds

(26)

Budgets as Legal Documents

(2)

Balance Sheet and Operating Statement Accounts

(1)

Budgets and Budgetary Accounts

(2)

Recording the Budget

(1)

Accounting for Revenues

(2)

Accounting for Encumbrances and Expenditures

(3)

Budget Revisions

(2)

Budgetary Comparison Schedule

(1)

Classification of Estimated Revenues and Revenues

(1)

Classification of Appropriations and Expenditures

(1)

AD Valorem Taxes

(12)

Accounting for the General and Special Revenue Funds

(38)

Accounting for Nonexchange Transactions

(2)

Classes of Nonexchange Transactions

(1)

Eligibility Requirements

(1)

Recognition Requirements for the Four Classes of Nonexchange Transactions

(1)

Other Features of GASB Statement 33

(1)

Modified Accrual Accounting

(3)

Revenue Recognition

(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 Terminology

436

(23)

Index

459

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

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

9780073130965

0073130966

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

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

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

9780073130965

0073130966

Summary

Table of Contents

Supplemental Materials

Write a Review

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