Introduction to Governmental and Non-for-Profit Accounting

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  • Edition: 6th
  • Format: Paperback
  • Copyright: 2008-02-21
  • Publisher: Prentice Hall
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Covering the essentials of fund accounting, this flexible book introduces the reader to the basic accounting principles at work in both governmental and not-for-profit organizations. This brief book divides most of the chapters into independent sections, which may be covered as separate units. Topics addressed include government and not-for-profit environments and characteristics, the use of funds in governmental accounting, the budgetary process, special revenue funds, debt service funds and capital projects funds, proprietary and fiduciary funds, general reporting principles, government-wide financial statements, fundamentals of accounting and reporting and analysis of financial statements and financial condition.For Accountants and Auditors studying for professional certification.

Table of Contents

Prefacep. xiii
About the Authorsp. xvii
Governmental and Not-for-Profit Accounting Environment and Characteristicsp. 1
Governmental and Not-for-Profit Organizationsp. 2
Governmental and Not-for-Profit Entity Environmentp. 3
Users and Uses of Accounting Informationp. 6
Accounting Principles and Standardsp. 6
Objectives of Financial Reportingp. 9
Unique Accounting and Financial Reporting Characteristicsp. 10
The Use of Funds in Governmental Accountingp. 14
Fund Accountingp. 15
Measurement Focus and Basis of Accountingp. 18
Governmental-Type Fundsp. 24
Proprietary-Type Fundsp. 31
Fiduciary-Type Fundsp. 37
Budgetary Considerations in Governmental Accountingp. 55
Budget Lawsp. 57
Types of Budgetsp. 57
Approaches to Budgetingp. 58
The Budget Processp. 60
Service Efforts and Accomplishmentsp. 69
Budgetary Reviewp. 69
The Budget Documentp. 71
Legislative Consideration and Adoption of the Budgetp. 72
Property Tax Levyp. 73
Using Budgetary Informationp. 74
Classifying Revenues and Expendituresp. 76
Budgetary Accountingp. 79
Additional Aspects of Budgetary Accountingp. 87
Closing Commentsp. 89
The Governmental Fund Accounting Cycle: An Introduction to General and Special Revenue Fundsp. 100
Recognizing Revenues and Expendituresp. 103
Illustrating the General Fund Accounting Cyclep. 103
Control Accounts and Subsidiary Ledgersp. 117
Closing Commentsp. 118
The Governmental Fund Accounting Cycle: Additional Transactions of General and Special Revenue Funds-Introduction to Permanent Fundsp. 136
Property Tax Accountingp. 138
Accounting for Other Taxes and Intergovernmental Grantsp. 146
Important Exceptions to the General Principle for Recognizing Expendituresp. 147
Fund Balance Presentationp. 149
Interfund Activityp. 152
Additional Aspects of Budgetary Accountingp. 155
Other Issuesp. 158
Review of Year-End Financial Statementsp. 161
Permanent Fundsp. 162
The Governmental Fund Accounting Cycle: Capital Projects Funds, Debt Service Funds, and Special Assessmentsp. 195
Measurement Focus and Basis of Accountingp. 197
Capital Projects Fundsp. 198
Debt Service Fundsp. 210
Leased Assetsp. 217
Special Assessment Projectsp. 219
Concluding Commentp. 222
The Governmental Fund Accounting Cycle: Proprietary-Type Fundsp. 241
Overviewp. 242
Specific Aspects of Internal Service Fundsp. 244
Specific Aspects of Enterprise Fundsp. 253
The Governmental Fund Accounting Cycle: Fiduciary Fundsp. 279
Overview of Employer Government Pension Accountingp. 281
Fiduciary-Type Funds: Pension Trust Fundsp. 286
Fiduciary-Type Funds: Investment Trust Fundsp. 298
Fiduciary-Type Funds: Private Purpose Trust Fundsp. 303
Fiduciary-Type Funds: Agency Fundsp. 308
Reporting Principles and Preparation of Fund Financial Statementsp. 325
Financial Reporting Objectives (GASB Concepts Statement No. 1)p. 327
Introduction to the Financial Reporting Model (GASB Statement No. 34)p. 328
The Financial Reporting Entity (GASB Statement No. 14)p. 329
Overview of the Comprehensive Annual Financial Reportp. 333
Minimum External Financial Reporting Requirementsp. 336
Preparing Management's Discussion and Analysisp. 337
Preparing Fund Financial Statements: Generalp. 338
Preparing Fund Financial Statements for Governmental Fundsp. 340
Preparing Fund Financial Statements for Proprietary Fundsp. 346
Preparing Fund Financial Statements for Fiduciary Fundsp. 349
Preparing Budgetary Comparison Schedulesp. 351
Preparing Notes to the Financial Statementsp. 353
Preparing the Statistical Sectionp. 356
Auditor's Reportp. 359
Government-Wide Financial Statementsp. 379
Format of Government-Wide Financial Statementsp. 381
Preparing Government-Wide Financial Statementsp. 388
Creating Government-Wide Financial Statements from Fund Financial Data: Comprehensive Illustrationp. 396
Capital Assets, Including Infrastructure Assetsp. 406
Federal Government Accounting and Reportingp. 419
The Federal Budgetary Processp. 420
Federal Accounting-Backgroundp. 422
Consolidated U.S. Government Financial Statementsp. 427
Accounting Within the Federal Agenciesp. 430
Federal Agency Financial Reporting Requirementsp. 437
Accounting for Not-for-Profit Organizationsp. 452
Characteristics of Not-for-Profit Organizationsp. 453
Financial Reportingp. 455
Contributions Other Than Services and Collectionsp. 462
Contributed Servicesp. 468
Contributions to Collectionsp. 469
Other Accounting Mattersp. 470
Fund Accounting in NFPOsp. 474
Illustration Using Fundsp. 476
Not-for-Profit Colleges and Universitiesp. 497
Accounting for Health Care Organizationsp. 502
Health Care Service Providersp. 504
Introduction to Hospital Accounting and Financial Reportingp. 504
Patient Service Revenuesp. 507
Investment Income, Other Revenues, Gainsp. 514
Expensesp. 517
Other Transactionsp. 519
Accounting for Transactions with Restrictionsp. 521
Financial Statementsp. 527
Analysis of Financial Statements and Financial Conditionp. 553
Information Content of Financial Statements: A Financial Analysis Perspectivep. 555
An Approach to Financial Statement and Financial Condition Analysisp. 557
Financial Statement and Financial Condition Analysis Indicatorsp. 560
Financial Condition Assessmentp. 567
Illustration of Analysis of Governmental Financial Statementsp. 570
Illustration of Analysis of Not-for-Profit Hospital Financial Statementsp. 577
Fundamentals of Accountingp. 592
The Accounting Equation: Transaction Analysisp. 593
The Accrual Basis of Accountingp. 601
Recording Transactions: Debits and Creditsp. 603
Financial Statementsp. 616
Closing the Booksp. 620
Other Transactions and Other Mattersp. 622
Indexp. 637
Table of Contents provided by Ingram. All Rights Reserved.

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