Accounting for Libraries and Other Not-For-Profit Organizatons

by Smith, G. Stevenson

• ISBN13: 9780838907580
• ISBN10: 083890758X
• Edition: 2nd
• Format: Hardcover
• Copyright: 1999-07-01
• Publisher: Ala Editions

Table of Contents

Preface	xi
PART 1 The Foundations of Fund Accounting	1	(120)
Where Are We Headed?	3	(7)
Who Should Use This Book?	3	(2)
Why Set Accounting Standards?	5	(1)
Who Sets Accounting Standards for NFOs?	5	(2)
What Is Fund Accounting?	7	(1)
What about Audits?	8	(1)
Summary	8	(2)
Those Pesky Debits and Credits	10	(29)
What's an Asset?	13	(1)
What's a Liability?	14	(2)
What's the Fund Balance?	16	(1)
The Accounting Equation	17	(1)
Analyzing Debit and Credit Changes in Assets and Liabilities	18	(1)
Using Transaction Analysis with Assets and Liabilities	19	(5)
What Are Revenues, Expenses, and Expenditurs?	24	(3)
Analyzing Debit and Credit Changes in Revenue and Expense Accounts	27	(1)
Using Transaction Analysis with Revenues and Expenses	28	(5)
Analyzing Transactions, Journalizing, and Posting	33	(2)
Summary	35	(4)
Which Accounting System Are We Using?	39	(39)
Cash Basis versus Accrual Method	39	(2)
Accrual Basis versus Modified Accrual Method	41	(6)
Accounting under the Cash, Accrual, and Modified Accrual Systems	47	(8)
Adjusting Entries	55	(4)
Financial Statements	59	(2)
Comparisons between Accrual- and Cash-based Financial Statements	61	(5)
Modifid-Accrual Statments Compared with Cash and Accrual Statements	66	(2)
Why a Fund Balance Rather Than Net Assets	68	(2)
Audits of NFOs	70	(3)
Summary	73	(5)
Making Budget Dollars Make Sense	78	(26)
Estimated Revenues and Appropriations	79	(10)
Estimated Revenues, Revenues, and the Revenue Ledger	89	(3)
Encumbrances, Reserve for Encumbrances, and Expenditures	92	(8)
Summary	100	(4)
End of a Year: Closing Entries	104	(17)
Closing Temporary Accounts	105	(6)
Outstanding Encumbrances in Subsequent Year	111	(3)
Review of the Fund Accounting Cycle	114	(1)
Summary	115	(3)
Appndix: Closing Accounts with Outstanding Encumbrances	118	(3)
PART 2 Accounting for the Major Fund Groups	121	(152)
Introduction to the Twin Funds: The General and Special Revenue Funds	123	(27)
The Financial Statements	124	(1)
Combined Statement of Revenues, Expenditures, and Changes Fund Balances	125	(2)
The Balance Sheet	127	(5)
Statement of Revenues, Expenditures, and Changes in Fund Balance---Budget and Actual	132	(2)
Notes to the Financial Statements	134	(7)
Summary	141	(1)
Appendix: Using the Accrual Method	142	(8)
The General Fund and Special Revenue Fund with Journal Entries	150	(28)
Allotments	150	(2)
The General Fund	152	(17)
Special Revenue---State Grant Program	169	(2)
Summary	171	(1)
Appendix: The Financial Statements	172	(6)
The Capital Projects Fund and the General Fixed Assets Account Group	178	(28)
The Capital Projects Fund	179	(11)
General Fixed Assets Account Group	190	(12)
Summary	202	(4)
Endowment and Agency Funds	206	(29)
The Trust Fund: An Overview	207	(2)
Trust Fund Financial Statements	209	(11)
Typical Entries for Trust Funds	220	(8)
Investment Pools	228	(3)
Agency Funds	231	(2)
Summary	233	(2)
Combined Financial Statements and Analysis of the Results of Performance	235	(38)
Combined Financial Statements	237	(16)
Analysis of the Financial Statements	253	(1)
Financial Ratio Analysis	254	(7)
Performance Ratio Analysis	261	(9)
Summary	270	(3)
Answers to the Exercises	273	(30)
Glossary	303	(12)
Index	315