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Governmental and Nonprofit Accounting : Theory and Practice,9780131851290
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Governmental and Nonprofit Accounting : Theory and Practice

by ; ; ; ;
Edition:
9th
ISBN13:

9780131851290

ISBN10:
0131851292
Format:
Hardcover
Pub. Date:
1/1/2009
Publisher(s):
Prentice Hall

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Summary

For undergraduate and graduate Accounting courses such as Governmental Accounting, Public Sector Accounting, Government and Nonprofit Accounting, and Fund Accounting. Governmental and Nonprofit Accounting 8/e provides a thorough basis for understanding the logic behind and nature of all the funds and nonfund accounts associated with governments. Its unique 4-Step Pedagogical approach allows students to fully grasp the accounting and reporting framework necessary before focusing on deriving the new government-wide financial statements.

Table of Contents

Preface xxi
Governmental and Nonprofit Accounting: Environment and Characteristics
1(33)
Learning Objectives
1(1)
Characteristics and Types of G&NP Organizations
2(4)
G&NP Sector Significance
3(1)
The G&NP Environment
3(3)
Objectives of G&NP Accounting and Financial Reporting
6(1)
Authoritative Sources of G&NP Accounting Principles and Reporting Standards
7(7)
Separate Principles Established
8(1)
AICPA Audit Guides
8(1)
The FASB
9(1)
FASB-GASB Jurisdictions
9(1)
``Government'' Defined
10(1)
The GASB
11(2)
GAAP Hierarchies
13(1)
Concepts and Objectives of SLG Accounting and Financial Reporting
14(9)
Governmental-Type Activities
15(4)
Financial Report Users
19(1)
Financial Report Uses
20(1)
Business-Type Activities
20(2)
Users and Uses of Financial Reports
22(1)
Financial Reporting Objectives
22(1)
Characteristics of SLG Accounting and Financial Reporting
23(4)
Fund Accounting
23(1)
Budgets and Appropriations
24(2)
Other Distinguishing Characteristics
26(1)
Commercial Accounting Comparison
26(1)
Concluding Comments
27(1)
Appendix 1--1 Evolution of Accounting Principles and Standards---Prior to the GASB
27(1)
Initial Evolution (1900--1933)
27(1)
National Committees on Municipal and Governmental Accounting (1934--1974)
28(1)
National Council on Governmental Accounting (1974--1984)
29(5)
State and Local Government Accounting Principles
34(38)
Learning Objectives
34(1)
Overview of the GASB Financial Reporting Model
35(2)
The GASB Principles
37(26)
Accounting System Capabilities
39(1)
Fund Accounting
40(9)
Transaction Analysis
49(2)
Nonfund Accounts
51(2)
MFBA
53(2)
Classification and Terminology
55(3)
Annual Financial Reporting
58(5)
Concluding Comments
63(9)
Budgeting, Budgetary Accounting, and Budgetary Reporting
72(40)
Learning Objectives
72(2)
Budgetary Planning, Control, and Evaluation
74(1)
Planning
74(1)
Control
74(1)
Evaluation
75(1)
Basic Budgetary Terminology
75(2)
Capital vs. Current Budgets
75(1)
Tentative vs. Enacted Budgets
75(2)
General vs. Special Budgets
77(1)
Fixed vs. Flexible Budgets
77(1)
Executive vs. Legislative Budgets
77(1)
Budgetary Approaches and Emphases
77(1)
The Budget as Information
77(1)
Recommended Budgeting Practices
78(1)
Illustrative Budget Comparison Statement
78(1)
Budget Preparation
79(7)
Overview
80(1)
Preliminary Estimates
80(1)
Preparing the Budget
81(5)
Legislative Consideration and Action
86(1)
Budget Execution
87(1)
Budgetary Accounting Overview
88(5)
General Ledger
88(1)
Subsidiary Ledgers
88(5)
Budgetary Reporting Overview
93(4)
The Budgetary Basis
93(1)
Interim Budgetary Statements
94(2)
Annual Budgetary Comparisons
96(1)
Concluding Comments
97(1)
Appendix 3--1 Alternative Expenditure Budgeting Approaches
98(1)
The Object-of-Expenditure Approach
98(2)
The Performance Approach
100(2)
The Program and Planning-Programming-Budgeting (PPB) Approaches
102(2)
The Zero-Base Budgeting Approach
104(1)
In Sum
105(1)
Selecting an Appropriate Approach
106(6)
The General Fund and Special Revenue Funds
112(57)
Learning Objectives
112(3)
General Fund Accounting---Illustrative Example
115(18)
Entries During 20X1
116(10)
Year-End Adjustments
126(1)
Preclosing Trial Balances
126(1)
Illustrative Example Worksheets
126(1)
20X1 Closing Entries
127(2)
Closing Entry Approaches
129(2)
Reserve for Encumbrances
131(1)
Budgetary Fund Balance
132(1)
Postclosing Trial Balance
133(1)
Balance Sheets
133(7)
Interim Balance Sheet
133(1)
Year-End Balance Sheet
134(1)
Fund Balance
135(1)
Fund Balance Reserves
136(2)
Unreserved Fund Balance
138(1)
Fund Balance Designations
139(1)
Interfund Receivables and Payables
139(1)
Capital Assets and Long-Term Liabilities
139(1)
Statement of Revenues, Expenditures, and Changes in Fund Balances
140(2)
Total Fund Balance
140(1)
Restatements
141(1)
Extraordinary and Special Items
142(1)
Budget Comparison Schedule or Statement of Revenues, Expenditures, and Changes in Fund Balances---Budget and Actual
142(1)
Entries During 20X2
143(2)
Combining Special Revenue Fund Statements
145(1)
Alternative Account Structure and Entries
145(3)
Concluding Comments
148(1)
Appendix 4--1 General Ledger Worksheet and Subsidiary Ledgers
149(20)
Revenue Accounting---Governmental Funds
169(47)
Learning Objectives
169(1)
Revenue Definition and Recognition
170(5)
Classification of Revenue Accounts
175(1)
General Fund Revenues
175(1)
Other Governmental Funds Revenues
175(1)
Governmental Unit Revenues
175(1)
Taxes
176(10)
Taxpayer-Assessed Taxes
176(2)
Property Taxes
178(8)
Property Tax Statements/Schedules
186(1)
Licenses and Permits
186(1)
Intergovernmental Revenues
187(5)
Intergovernmental Revenue Classifications
187(1)
Intergovernmental Revenue Accounting
188(4)
Charges for Services
192(2)
Interfund Services vs. Reimbursements
192(1)
Charges for Services
192(2)
Fines and Forfeits
194(1)
Miscellaneous Revenues
195(4)
Investment Earnings
195(3)
Capital Asset Sales/Losses
198(1)
PILOTs
199(1)
Escheats
199(1)
Private Contributions
199(1)
Revenue Budget Revisions
199(1)
Revenue Reporting: GAAP vs. Budgetary
200(1)
Changes in Accounting Principles
200(3)
New GASB Standards
203(1)
Prospective Application
203(1)
Retroactive Application
203(1)
Error Correction
203(1)
Concluding Comments
204(12)
Expenditure Accounting---Governmental Funds
216(49)
Learning Objectives
216(1)
Expenditure Definition and Recognition
217(4)
Capital Outlay Expenditures
219(1)
Debt Service Expenditures
219(1)
Intergovernmental Expenditures
219(2)
Current Operating Expenditures
221(1)
Inventories and Prepayments
221(1)
Expenditure Accounting Controls
221(1)
Expenditure Accounting Procedures
221(11)
Personal Services
222(1)
Materials and Supplies
223(5)
Other Services and Charges
228(4)
Classification of Expenditures
232(1)
Accounting for Allocations and Allotments
233(1)
Appropriations Revisions
234(1)
Adjusting Entries
235(7)
Encumbrances
236(1)
Debt Service
236(1)
Claims and Judgments
237(3)
Compensated Absences
240(1)
Pension/OPEB Plan Contributions
241(1)
Expenditure Reporting: GAAP vs. Budgetary
242(1)
Changes in Accounting Principles
243(4)
Alternative Principles
243(4)
New GASB Standards
247(1)
Error Correction
247(1)
Concluding Comments
247(1)
Appendix 6--1 Classification of Expenditures
248(1)
Classification by Function or Program
248(1)
Classification by Organization Unit
249(1)
Classification by Activity
250(1)
Classification by Character
251(1)
Classification by Object Classes
252(13)
Capital Projects Funds
265(42)
Learning Objectives
265(2)
Capital Projects Fund Operations and Accounting Standards
267(8)
CPF Financial Resources
267(1)
Number of Funds
267(2)
CPF Life Cycle
269(2)
The Budget
271(1)
General--Subsidiary Ledgers
271(1)
Interim Financing
271(2)
Project Costs
273(2)
Intergovernmental Revenues
275(1)
Recording Bond Issues
275(1)
Capital Projects Fund---Case Illustration Begun, 20X1
275(9)
General Ledger Entries
276(1)
Budgetary Entry
276(1)
Transaction/Event Entries
277(2)
General Ledger Worksheet(s)
279(1)
Preclosing Trial Balance
279(1)
Closing Entries
279(3)
Financial Statements
282(2)
Capital Projects Fund---Case Illustration Concluded, 20X2
284(5)
20X1 Accounts Closed
284(1)
Case Illustration Assumptions
285(1)
20X2 Entries
285(2)
General Ledger Worksheet
287(1)
20X2 Financial Statements
287(2)
Other Capital Projects Fund Operations, Accounting, and Reporting Matters
289(4)
Bond Anticipation Notes (BANs)
290(2)
Investments and Arbitrage
292(1)
Remaining Fund Balance
292(1)
Reporting Multiple Projects
292(1)
Combining CPF Statements
293(1)
Concluding Comments
293(1)
Appendix 7--1 General Ledger Worksheet and Subsidiary Ledgers
293(14)
Debt Service Funds
307(38)
Learning Objectives
307(1)
Debt Service Fund Environment, Financing, and Expenditure Recognition
308(5)
Long-Term Liabilities
309(1)
Fixed vs. Variable Rates
310(1)
Debt Service Payments
310(1)
Bonds and Fiscal Agents
310(1)
Required DSF Reserves
311(1)
Bond Ratings
311(1)
Bond Insurance
311(1)
Sources of Financing
312(1)
DSF Investments
312(1)
DSF Expenditure Recognition
312(1)
Debt Service Fund for a Serial Bond Issue: Case Illustration
313(3)
Illustrative Entries
314(2)
Financial Statements
316(1)
Special Assessment Debt Service Funds
316(5)
Illustrative Entries
318(2)
Illustrative Financial Statements
320(1)
Other Conventional Debt Service Fund Considerations
321(1)
Nonaccrual of Interest
321(1)
Combining Balance Sheet
321(1)
Combining Operating Statement
321(1)
Multiple Bond Issues
321(1)
Debt Service Fund for a Term Bond Issue
321(2)
Sinking Fund Requirements
323(1)
Debt Service Funds for Deep Discount Issues
324(1)
Refundings
325(3)
Reasons for Refundings
325(1)
Refundings Defined
326(1)
Defeasance of Debt
326(2)
Debt Service Funds for Refundings
328(6)
Current Refunding
329(1)
Advance Refunding
329(1)
Debt and Non-debt Financing
330(1)
Reporting Refundings
330(2)
Advance Refunding Disclosures
332(2)
Concluding Comments
334(11)
General Capital Assets; General Long-Term Liabilities; Permanent Funds: Introduction to Interfund-GCA-GLTL Accounting
345(49)
Learning Objectives
345(1)
Overview of General Capital Assets and General Long-Term Liabilities Accounting Procedures
346(1)
General Capital Assets
347(19)
General Capital Assets Defined
348(1)
Initial Valuation
348(1)
Classification
349(1)
Infrastructure Assets
349(1)
Capitalization Policy
350(1)
Property Records
351(2)
Capital Assets Inventory
353(1)
Additions, Betterments, and Renewals
353(1)
Depreciation/Accumulated Depreciation
353(2)
Updating GCA Accounts
355(3)
Recording Depreciation
358(1)
Sale, Replacement, or Retirement
359(1)
Intragovernmental Transactions
360(2)
Damage or Destruction
362(1)
Impairment
362(3)
Insurance Recoveries
365(1)
Reporting and Disclosures
366(1)
General Long-Term Liabilities
366(9)
CPF-DSF-GLTL
367(1)
Serial Debt
367(2)
Special Assessment Debt
369(1)
Other Government Liabilities
370(2)
Interest-Related Adjustments
372(1)
Defaulted Bonds
372(1)
In-Substance Defeasance
373(1)
GLTL Records
373(1)
GLTL Reporting and Disclosures
374(1)
Permanent Funds
375(2)
Introduction to Interfund-GCA-GLTL Accounting
377(4)
Concluding Comments
381(13)
Enterprise Funds
394(48)
Learning Objectives
394(1)
Common Characteristics and Principles of Proprietary Funds
395(7)
Accounting Equation
395(1)
Accounting Principles
395(1)
Financial Statements
396(6)
Enterprise Funds
402(23)
Enterprise Funds Defined
403(2)
Specific EF Topics
405(4)
EF Accounting Illustrated
409(16)
Combining Enterprise Fund Financial Statements
425(2)
Concluding Comments
427(15)
Internal Service Funds
442(32)
Learning Objectives
442(1)
Overview of Accounting Principles
443(6)
Initial Establishment
444(2)
Pricing Policies
446(1)
Pricing Methods
447(1)
Relation to Budget
448(1)
Financial Statements
448(1)
Internal Service Fund Accounting Illustrated
449(11)
Automotive Equipment Unit
449(5)
Central Stores Fund
454(2)
Self-Insurance Fund
456(4)
Disposition of Increase or Decrease in Net Assets
460(1)
Changes in Net Asset Balance
460(1)
Dissolution of an Internal Service Fund
461(1)
Combining Internal Service Fund Financial Statements
461(1)
Concluding Comments
461(13)
Trust and Agency (Fiduciary) Funds: Summary of Interfund-GCA-GLTL Accounting
474(35)
Learning Objectives
474(2)
The Accountability Focus
476(1)
Agency Funds
476(7)
Simpler Agency Funds
477(2)
Tax Agency Funds
479(3)
Special Assessment Agency Funds
482(1)
Trust Funds
483(11)
Private-Purpose Trusts
484(3)
Investment Trusts
487(1)
Pension Trusts
487(7)
Combining Trust and Agency Fund Financial Statements
494(1)
Additional Interfund---General Capital Asset---General Long-Term Liability Accounting Illustrations
494(6)
Concluding Comments
500(9)
Financial Reporting: The Basic Financial Statements and Required Supplementary Information
509(47)
Learning Objectives
509(3)
Basic Financial Statements Overview
512(1)
Government-Wide Financial Statements
513(11)
Statement of Net Assets
514(1)
Statement of Activities
515(3)
Measurement Focus
518(1)
Reporting Expenses
518(2)
Program vs. General Revenues
520(2)
Internal Service Funds
522(1)
Infrastructure Capital Assets
522(2)
Fund Financial Statements
524(13)
Major Fund Reporting
524(9)
Fund-Based Financial Statements
533(3)
Note Disclosures
536(1)
Required Supplementary Information
537(2)
Management's Discussion and Analysis
537(1)
Other RSI
537(2)
Special Purpose Governments
539(1)
Concluding Comments
539(1)
Appendix 13--1 Illustrative Management's Discussion & Analysis
539(1)
State of Florida Management's Discussion and Analysis
539(17)
Financial Reporting: Deriving Government-Wide Financial Statements and Required Reconciliations
556(40)
Learning Objectives
556(2)
Deriving Government-Wide Governmental Activities Data
558(2)
Deriving Government-Wide Financial Statement Data for Governmental Activities---A Worksheet-Based Illustration
560(17)
GCA-GLTL Related Adjustments
563(4)
Basis of Accounting Adjustments
567(2)
Eliminating Interfund Transactions
569(3)
Completing the Worksheet
572(1)
Government-Wide Financial Statements
572(3)
Required Reconciliations
575(2)
Additional Worksheet Adjustments
577(1)
Incorporating Internal Service Funds
578(1)
Deriving Government-Wide Business-Type Activities Data
578(4)
Concluding Comments
582(14)
Financial Reporting: The Comprehensive Annual Financial Report and the Financial Reporting Entity
596(38)
Learning Objectives
596(1)
The Comprehensive Annual Financial Report
597(12)
The Introductory Section
597(5)
The Financial Section
602(3)
The Statistical Section
605(4)
Supplemental and Special Purpose Reporting
609(1)
Financial Reporting---Complex Entity Structure
609(7)
Reporting Entity Definition
612(1)
Reporting Entity Disclosures
613(3)
Integrating Component Units into the Reporting Entity
616(4)
Blending
617(1)
Discrete Presentation
618(1)
Other Issues
619(1)
Separate Issuance of Primary Government Financial Statements
620(1)
Related Organizations, Joint Ventures, and Jointly Governed Organizations
620(1)
Concluding Comments
621(13)
Non-SLG Not-for-Profit Organizations: SFAS 116 and 117 Approach
634(40)
Learning Objectives
634(2)
Classification of Organizations
636(1)
Voluntary Health and Welfare Organizations
636(1)
Other Not-for-Profit Organizations
637(1)
Classes of Net Assets
637(1)
Non-GAAP Accounting and Reporting Requirements
638(1)
Basis of Accounting
639(1)
SFAS 117 Financial Statements
640(10)
Balance Sheet
640(2)
Statement of Activities
642(7)
Statement of Cash Flows
649(1)
Statement of Functional Expenses
650(1)
Nongovernment VHWO and ONPO Accounting and Reporting Illustration
650(12)
Transactions and Entries
650(7)
Illustrative Financial Statements
657(5)
Concluding Comments
662(12)
Accounting for Colleges and Universities
674(40)
Learning Objectives
674(2)
Classification as ``Engaged Only in Business-Type Activities''
676(1)
GAAP Reporting Requirements
677(7)
Balance Sheet
678(1)
Operating Statement
679(5)
Statement of Cash Flows
684(1)
Case Illustration---A Government University
684(14)
Other Resources
689(9)
Annuity and Life Income
698(2)
Annuity Gifts
699(1)
Life Income Gifts
700(1)
Colleges and Universities Engaged in Both Governmental and Business-Type Activities
700(1)
Nongovernment Not-for-Profit University Reporting
701(1)
Concluding Comments
702(12)
Accounting for Health Care Organizations
714(32)
Learning Objectives
714(2)
Funds---Government Hospitals
716(1)
Basic Principles
717(1)
Unique Measurement and Display Features
717(6)
Distinguishing Primary Activities
717(1)
Classes of Revenues
717(3)
Gains
720(1)
Donations
721(1)
Expense Classification
721(1)
Restricted Assets
722(1)
Property, Plant, and Equipment
722(1)
Illustrative Case
723(8)
Summary of Transactions and Events
723(8)
Financial Statements
731(2)
Balance Sheets
731(1)
Operating Statement
731(1)
Statement of Cash Flows
731(2)
Nongovernment Not-for-Profit Hospital Reporting
733(4)
Concluding Comments
737(9)
Federal Government Accounting
746(36)
Learning Objectives
746(1)
The Federal Financial Management Environment
747(4)
Financial Accounting Responsibilities
747(3)
Overview
750(1)
The Budgetary Process
751(2)
The Budget Cycle
751(2)
Exceeding Budget Authority
753(1)
Accounting Principles and Standards for Federal Agencies
753(9)
The Federal Model
754(3)
Standard General Ledger
757(2)
Federal Fund Structure
759(1)
Financial Reporting
760(2)
Federal Agency Accounting and Reporting Illustrated
762(14)
A Case Illustration
762(1)
Maintaining Budgetary Control
763(3)
Maintaining Proprietary Accounts
766(1)
Other Transactions and Entries
766(4)
Closing Entries
770(1)
Reporting
771(5)
Concluding Comments
776(6)
Auditing Governments and Not-for-Profit Organizations
782(43)
Learning Objectives
782(1)
Overview
783(1)
What is an Audit?
783(5)
Classifications of Audits
783(2)
Management's Representations
785(1)
External Auditor Classifications
785(3)
The Audit Contract
788(1)
Auditing Standards
788(3)
AICPA Auditing Standards
789(1)
GAO Auditing Standards
789(2)
GAGAS Summary
791(1)
The Financial Audit
791(4)
Auditing Standards
792(1)
Audit Procedures
793(1)
The Audit Report
793(2)
The Single Audit
795(18)
Purposes
795(1)
Overview
796(3)
Applicability
799(1)
Definitions
799(1)
Auditee Responsibilities
799(1)
Auditor Responsibilities
799(2)
Auditing Guidance
801(3)
Major FFA Programs
804(4)
Findings & Questioned Costs
808(1)
Illegal Acts
809(1)
Subrecipients
809(1)
Auditor Reports---Single Audit
810(1)
Auditee Reporting Responsibilities
811(2)
Other Matters
813(1)
Concluding Comments
813(1)
Appendix 20--1 Glossary
813(2)
Appendix 20--2 Data Collection Form for Reporting on Audits of States, Local Governments, and Nonprofit Organizations
815(10)
Index 825


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