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Essentials of Accounting for Governmental and Not-for-profit Organizations,9780073379425

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

by
Edition:
9th
ISBN13:

9780073379425

ISBN10:
0073379425
Format:
Paperback
Pub. Date:
11/8/2007
Publisher(s):
McGraw-Hill/Irwin
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Summary

Copley's Essentials of Accounting for Governmental and Not-for-Profit Organizations, 9e is best suited for those professors whose objective is to provide more concise coverage than what is available in larger texts. There is more comprehensive coverage of accounting for governmental and not-for-profit organizations than what is available in an advanced text but concise enough to be used effectively in a semester, quarter, or even a half term course focusing on just these areas. The main focus of this text is on the preparation of external financial statements which is a challenge among governmental reporting. This edition incorporates all of the FASB, GASB, GAO and AICPA pronouncements passed since the last edition.

Table of Contents

Prefacep. iv
Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizationsp. 1
Generally Accepted Accounting Principlesp. 3
Objectives of Accounting and Financial Reportingp. 6
Objectives of Accounting and Financial Reporting for the Federal Governmentp. 8
Objectives of Financial Reporting by Not-for-Profit Entitiesp. 8
Objectives of Accounting and Financial Reporting for State and Local Governmental Unitsp. 9
State and Local Government Financial Reportingp. 10
Comprehensive Annual Financial Reportp. 10
Measurement Focus and Basis of Accountingp. 12
Fund Structure for State and Local Government Accounting and Reportingp. 13
Number of Funds Requiredp. 15
Budgetary Accountingp. 15
Accounting for Capital Assets, Including Infrastructurep. 16
Accounting for Long-Term Debt and Other Long-Term Liabilitiesp. 16
Additional Resourcesp. 17
Overview of Financial Reporting for State and Local Governmentsp. 22
The Governmental Reporting Entityp. 23
Overview of the Comprehensive Annual Financial Report (CAFR)p. 25
Example Comprehensive Annual Financial Reportp. 26
Introductory Sectionp. 26
Financial Section: Auditor's Reportp. 27
Required Supplementary Information-Management's Discussion and Analysis (MD&A)p. 28
Basic Financial Statements-Statement of Net Assetsp. 30
Government-wide Statement of Activitiesp. 32
Reporting by Major Fundsp. 34
Governmental Funds: Balance Sheetp. 34
Governmental Funds: Statement of Revenues, Expenditures, and Changes in Fund Balancep. 36
Proprietary Funds: Statement of Net Assetsp. 38
Proprietary Funds: Statement of Revenues, Expenses, and Changes in Fund Net Assetsp. 40
Proprietary Funds: Statement of Cash Flowsp. 42
Fiduciary: Statement of Fiduciary Net Assetsp. 44
Fiduciary: Statement of Changes in Fiduciary Net Assetsp. 44
Notes to the Financial Statementsp. 46
Required Supplementary Information Other than MD&Ap. 48
Combining Statementsp. 50
Statistical Informationp. 50
Special-Purpose Governmentsp. 51
Public Colleges and Universitiesp. 51
Other Governmental Not-for-Profit Organizationsp. 52
Budgetary Accounting for the General and Special Revenue Fundsp. 58
Budgets as Legal Documentsp. 59
Balance Sheet and Operating Statement Accountsp. 60
Budgets and Budgetary Accountsp. 62
Recording the Budgetp. 63
Accounting for Revenuesp. 65
Accounting for Encumbrances and Expendituresp. 66
Budget Revisionsp. 70
Budgetary Comparison Schedulep. 70
Classification of Estimated Revenues and Revenuesp. 72
Classification of Appropriations and Expendituresp. 72
AD Valorem Taxesp. 73
Accounting for the General and Special Revenue Fundsp. 82
Modified Accrual Accountingp. 83
Revenue Recognitionp. 83
Expenditure Recognitionp. 86
Interfund Transactionsp. 86
Interfund Loansp. 87
Interfund Services Provided and Usedp. 87
Interfund Transfersp. 87
Interfund Reimbursementsp. 87
General Fund Account Structurep. 87
Illustrative Case-General Fundp. 87
Recording the Budgetp. 88
Reestablishment of Encumbrancesp. 88
Recording Prior-Year Property Taxes as Revenuesp. 89
Tax Anticipation Notes Payablep. 89
Payment of Liabilities as Recordedp. 89
Encumbrance Entryp. 90
Recording Property Tax Levyp. 90
Collection of Delinquent Taxesp. 90
Collection of Current Taxesp. 91
Other Revenuesp. 91
Repayment of Tax Anticipation Notesp. 92
Recognition of Expenditures for Encumbered Itemsp. 92
Payrolls and Payroll Taxesp. 93
Payment of Vouchers and Other Itemsp. 93
Correction of Errorsp. 94
Amendment of the Budgetp. 94
Interfund Transactionsp. 95
Write-off of Uncollectible Delinquent Taxesp. 97
Reclassification of Current Taxesp. 97
Accrual of Interest and Penaltiesp. 98
Deferral of Property Tax Revenuep. 98
Special Itemp. 98
Preclosing Trial Balancep. 98
Closing Entriesp. 100
Year-End Financial Statementsp. 101
Illustrative Case-Special Revenue Fundp. 104
Motor Fuel Tax Revenuesp. 104
Expenditures for Road Repairsp. 104
Reimbursement to General Fundp. 105
Reimbursement Grant Accountingp. 105
Closing Entryp. 105
Year-End Financial Statementsp. 107
Recognition of Inventories in Governmental Fundsp. 107
Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanentp. 118
Capital Projects Fundsp. 120
Illustrative Casep. 121
Other Issues Involving Acquisition of Capital Assetsp. 126
Acquisition of General Fixed Assets by Lease Agreementsp. 126
Construction of General Fixed Assets Financed by Special Assessment Debtp. 127
Debt Service Fundsp. 128
The Modified Accrual Basis-As Applied to Debt Service Fundsp. 128
Additional Uses of Debt Service Fundsp. 129
Debt Service Accounting for Serial Bondsp. 129
Illustrative Case-Regular Serial Bondsp. 130
Other Issues Involving Payment of Long-Term Debtp. 132
Debt Service Accounting for Deferred Serial Bondsp. 132
Debt Service Accounting for Term Bondsp. 132
Debt Service Accounting for Capital Lease Paymentsp. 132
Bond Refundingsp. 133
Permanent Fundsp. 134
Financial Reporting for Governmental Fundsp. 136
Balance Sheet-Governmental Fundsp. 136
Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Fundsp. 140
Proprietary Fundsp. 149
Internal Service Fundsp. 151
Establishment and Operation of Internal Service Fundsp. 151
Illustrative Case-Supplies Fundp. 152
Other Issues Involving Internal Service Fundsp. 156
Risk Management Activitiesp. 156
Implications for Other Fundsp. 156
Enterprise Fundsp. 157
Illustrative Case-Water Utility Fundp. 158
Preclosing Trial Balancep. 163
Proprietary Fund Financial Statementsp. 164
Statement of Net Assetsp. 166
Statement of Revenues, Expenses, and Changes in Fund Net Assetsp. 166
Statement of Cash Flowsp. 167
Accounting for Municipal Solid Waste Landfillsp. 170
Pollution Remediation Costsp. 171
Fiduciary (Trust) Funds, Interfund Transactionsp. 186
Agency Fundsp. 187
Tax Agency Fundsp. 189
Accounting for Tax Agency Fundsp. 189
Financial Reporting for Agency Fundsp. 191
Private-Purpose Trust Fundsp. 191
Accounting for Investmentsp. 193
Illustrative Case-Private-Purpose Trust Fundsp. 193
A Note about Escheat Propertyp. 195
Investment Trust Fundsp. 196
Public Employee Retirement Systems (Pension Trust Funds)p. 196
Accounting and Reporting for Defined Benefit Pension Plansp. 197
A Note about Other Postemployment Benefitsp. 201
Summary of Employer Reportingp. 204
A Note about IRS 457 Deferred Compensation Plansp. 205
Interfund Transactionsp. 205
Reciprocal Interfund Activity-Interfund Loans and Advancesp. 206
Reciprocal Interfund Activity-Interfund Services Provided and Usedp. 207
Nonreciprocal Interfund Activity-Interfund Transfersp. 207
Nonreciprocal Interfund Activity-Interfund Reimbursementsp. 207
A Final Comment on Fund Accounting and Reportingp. 208
Government-Wide Statements, Fixed Assets, Long-Term Debtp. 220
Conversion from Fund Financial Records to Government-Wide Financial Statementsp. 221
Recording Capital Assets, Removing Expenditures for Capital Outlays, Recording Depreciation, and Converting Sales of Capital Assets to the Accrual Basisp. 223
Changing "Proceeds of Bonds" to Debt Liabilities, Changing Expenditures for Debt Service Principal to Reduction of Liabilities, Amortizing Bond Premiums, and Adjusting for Interest Accrualsp. 225
Adjusting to Convert Revenue Recognition to the Accrual Basisp. 227
Adjusting to Record Expenses on Accrual Basisp. 230
Adding Internal Service Funds to Governmental Activitiesp. 230
Eliminating Interfund Activities and Balances within Governmental Activitiesp. 232
Worksheets to Illustrate the Adjustmentsp. 233
Government-Wide Financial Statementsp. 236
Statement of Net Assetsp. 236
Statement of Activitiesp. 236
Required Reconciliation to Government-wide Statementsp. 240
Accounting for Fixed Assets, Including Infrastructurep. 242
Accounting for General Fixed Assetsp. 242
Accounting for Infrastructurep. 243
The Modified Approach for Reporting Infrastructurep. 244
Collectionsp. 245
Asset Impairmentp. 245
Accounting for Long-Term Debtp. 246
Types of General Long-Term Debtp. 246
Debt Disclosures and Schedulesp. 247
Accounting for Special-Purpose Entities, Including Public Colleges and Universitiesp. 265
GASB Statement 34 Reporting Rules for Special-Purpose Entitiesp. 265
Reporting by Special-purpose Local Governments Engaged in Governmental Activitiesp. 266
Reporting by Special-purpose Local Governments Engaged Only in Business-type Activitiesp. 268
Reporting by Special-purpose Local Governments Engaged Only in Fiduciary-Type Activitiesp. 271
Accounting and Financial Reporting for Public Colleges and Universitiesp. 272
The Environment of Public Higher Educationp. 272
Accounting and Financial Reporting for Public Institutions of Higher Educationp. 273
Illustrative Case-Northern State University-Beginning Trial Balancep. 275
Illustrative Case-Journal Entriesp. 275
Illustrative Case-Closing Entriesp. 282
Illustrative Case-Financial Statementsp. 285
Summaryp. 289
Accounting for Private Not-for-Profit Organizationsp. 297
Organizations Covered in this Chapterp. 299
Overview of Not-For-Profit Accountingp. 300
Three Classes of Net Assetsp. 300
Financial Reportingp. 300
Note Disclosuresp. 301
Accounting for Contributions, Including Reclassifications of Net Assetsp. 301
Reporting of Expenses and Assetsp. 303
Special Topics: Accounting for Contributionsp. 304
Illustrative Transactions and Financial Statementsp. 305
Beginning Trial Balancep. 305
Transactionsp. 306
Financial Statementsp. 313
Alternative Procedure for Recording Fixed Assetsp. 316
Performance Evaluationp. 318
Mergers and Acquisitionsp. 319
Summary of Not-For-Profit Accounting and Reportingp. 320
College and University Accounting-Private Institutionsp. 329
Overview of Private College and University Accountingp. 331
Financial Statementsp. 331
Net Asset Classificationp. 332
Revenue Reduction versus Expensesp. 333
Academic Terms Encompassing More Than One Fiscal Yearp. 333
Expensesp. 333
Other Accounting Guidancep. 334
Illustrative Transactions and Financial Statementsp. 335
Illustrative Transactionsp. 335
Illustrative Financial Statements for Private Colleges and Universitiesp. 342
Split-Interest Agreementsp. 342
Summary of Accounting and Reportingp. 347
Accounting for Hospitals and Other Health Care Providersp. 355
Accounting and Reporting Requirements of the Health Care Guidep. 357
Financial Statementsp. 357
Revenuesp. 359
Classificationsp. 359
Illustrative Transactions and Financial Statementsp. 360
Beginning Trial Balancep. 360
Illustrative Statements for Private-Sector Not-for-Profit Health Care Entitiesp. 366
Financial Reporting for Governmental Health Care Entitiesp. 369
Financial Reporting for Commercial (For-Profit) Health Care Entitiesp. 371
Summary and Conclusions Regarding Health Care Accounting and Reportingp. 371
Auditing, Tax-Exempt Organizations, and Evaluating Performancep. 378
Governmental Auditingp. 379
The Single Audit Act and Amendmentsp. 385
The Sarbanes-Oxley Actp. 388
Tax-Exempt Organizationsp. 389
Applying for Tax-Exempt Statusp. 390
Federal Filing Requirementsp. 391
Public Disclosuresp. 395
State Filing Requirementsp. 395
Unrelated Business Income Tax (UBIT)p. 395
IRS Oversightp. 396
Summary and Some Conclusions Related to Exempt Entitiesp. 396
Evaluating Performancep. 397
Analysis of Not-for-Profit Organization Financial Statementsp. 397
Analysis of State and Local Government Financial Statementsp. 398
Service Efforts and Accomplishments Reportingp. 403
Glossary: Governmental and Not-For-Profit Accounting Terminologyp. 414
Indexp. 437
Table of Contents provided by Ingram. All Rights Reserved.


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