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

    ISBN-10: 0078025451
    ISBN-13: 9780078025457
    Author(s): Paul A. Copley
    Description: Copley’s Essentials of Accounting for Governmental and Not-for-Profit Organizations, 11e is best suited for those professors whose objective is to provide more concise coverage than what is available in larger texts. The main focus of this text is  More...
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    List Price: $176.00
    Edition: 11th
    Publisher: McGraw-Hill Companies, The
    Binding: Paperback
    Pages: 480
    Size: 6.25" wide x 8.75" long x 0.75" tall
    Weight: 1.716
    Language: English

    Copley’s Essentials of Accounting for Governmental and Not-for-Profit Organizations, 11e is best suited for those professors whose objective is to provide more concise coverage than what is available in larger texts. The main focus of this text is on the preparation of external financial statements which is a challenge for governmental reporting. The approach in this edition is similar to that used in practice. Specifically, day to day events are recorded at the fund level using the basis of accounting for fund financial statements. Governmental activities are recorded using the modified accrual basis. The fund-basis statements are then used as input in the preparation of government-wide statements. The preparation of government-wide statements is presented in an Excel worksheet. This approach has two advantages: (1) it is the approach most commonly applied in practice, and (2) it is an approach familiar to students who have studied the process of consolidation in their advanced accounting classes. State and local government reporting is illustrated using an ongoing example integrated throughout Chapters 3 through 8 and 13.This edition incorporates all of the FASB, GASB, GAO and AICPA pronouncements passed since the last edition.

    Preface
    Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations
    Generally Accepted Accounting Principles
    Sources of Generally Accepted Accounting Principles
    Definition of Government
    Objectives of Accounting and Financial Reporting
    Objectives of Accounting and Financial Reporting for the Federal Government
    Objectives of Financial Reporting by Not-for-Profit Entities
    Objectives of Accounting and Financial Reporting for State and Local Governmental Units
    State and Local Government Financial Reporting
    Comprehensive Annual Financial Report
    Measurement Focus and Basis of Accounting
    Fund Structure for State and Local Government Accounting and Reporting
    Number of Funds Required
    Budgetary Accounting
    Overview of Financial Reporting for State and Local Governments
    The Governmental Reporting Entity
    Reporting by Major Funds
    Overview of the Comprehensive Annual Financial Report (CAFR)
    Introductory Section
    Financial Section: Auditor's Report
    Management's Discussion and Analysis (MD&A)
    Statement of Net Assets
    Government-wide Statement of Activities
    Governmental Funds: Balance Sheet
    Governmental Funds: Statement of Revenues, Expenditures, and Changes in Fund Balance
    Proprietary Funds: Statement of Net Assets
    Proprietary Funds: Statement of Revenues, Expenses, and Changes in Fund Net Assets
    Proprietary Funds: Statement of Cash Flows
    Fiduciary: Statement of Fiduciary Net Assets
    Fiduciary: Statement of Changes in Fiduciary Net Assets
    Notes to the Financial Statements
    Required Supplementary Information Other Than MD&A
    Combining Statements
    Statistical Information
    Special-Purpose Governments
    Public Colleges and Universities
    Other Governmental Not-For-Profit Organizations
    Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority
    Modified Accrual Accounts
    Balance Sheet Accounts
    Financial Statement Activity Accounts
    Budgetary Accounts
    Expenditure Cycle
    Revenue Recognition for Nonexchange Transactions
    Summary
    Appendix: Budgetary Accounting Illustrated
    Budgets and Budgetary Accounts
    Recording the Budget
    Accounting for Revenues
    Accounting for Encumbrances and Expenditures
    Budget Revisions
    Budgetary Comparison Schedule
    Classification of Estimated Revenues and Revenues
    Classification of Appropriations and Expenditures
    Accounting for the General and Special Revenue Funds
    Overview of Modified Accrual Accounting
    Interfund Transactions
    Interfund Loans
    Interfund Services Provided and Used
    Interfund Transfers
    Interfund Reimbursements
    Illustrative Case-General Fund
    Use of Budgetary Accounts
    Recording the Budget
    Re-establishment of Encumbrances
    Recording Prior-Year Property Taxes as Revenues
    Tax Anticipation Notes Payable
    Payment of Liabilities as Recorded
    Encumbrance Entry
    Recording Property Tax Levy
    Collection of Delinquent Taxes
    Collection of Current Taxes
    Other Revenues
    Repayment of Tax Anticipation Notes
    Recognition of Expenditures for Encumbered Items
    Payrolls and Payroll Taxes
    Payment on Account and Other Items
    Correction of Errors
    Amendment of the Budget
    Interfund Transactions
    Write-off of Uncollectible Delinquent Taxes
    Reclassification of Current Taxes
    Accrual of Interest and Penalties
    Deferral of Property Tax Revenue
    Special Item
    Preclosing Trial Balance
    Closing Entries
    Year-End Financial Statements
    Illustrative Case-Special Revenue Fund
    Motor Fuel Tax Revenues
    Expenditures for Road Repairs
    Reimbursement to General Fund
    Reimbursement Grant Accounting
    Closing Entry
    Year-End Financial Statements
    Recognition of Inventories in Governmental Funds
    Summary
    Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent
    Capital Projects Funds
    Illustrative Case
    Other Issues Involving Acquisition of Capital Assets
    Acquisition of General Fixed Assets by Lease Agreements
    Construction of General Fixed Assets Financed by Special Assessment Debt
    Debt Service Funds
    The Modified Accrual Basis-As Applied to Debt Service Funds
    Additional Uses of Debt Service Funds
    Debt Service Accounting for Serial Bonds
    Illustrative Case-Regular Serial Bonds
    Other Issues Involving Payment of Long-Term Debt
    Debt Service Accounting for Deferred Serial Bonds
    Debt Service Accounting for Term Bonds
    Debt Service Accounting for Capital Lease Payments
    Bond Refundings
    Permanent Funds
    Financial Reporting for Governmental Funds
    Balance Sheet-Governmental Funds
    Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds
    Summary
    Proprietary Funds
    Internal Service Funds
    Establishment and Operation of Internal Service Funds
    Illustrative Case-Supplies Fund
    Other Issues Involving Internal Service Funds
    Risk Management Activities
    Implications for Other Funds
    Enterprise Funds
    Illustrative Case-Water Utility Fund
    Proprietary Fund Financial Statements
    Statement of Net Assets
    Statement of Revenues, Expenses, and Changes in Fund Net Assets
    Statement of Cash Flows
    Accounting for Municipal Solid Waste Landfills
    Pollution Remediation Costs
    Summary
    Fiduciary (Trust) Funds
    Agency Funds
    Tax Agency Funds
    Accounting for Tax Agency Funds
    Financial Reporting for Agency Funds
    Private-Purpose Trust Funds
    Accounting for Investments
    Illustrative Case-Private-Purpose Trust Funds
    A Note about Escheat Property
    Investment Trust Funds
    Public Employee Retirement Systems (Pension Trust Funds)
    Accounting and Reporting for Defined Benefit Pension Plans
    A Note about Other Postemployment Benefits
    Summary of Employer Reporting
    A Note about IRS 457 Deferred Compensation Plans
    A Final Comment on Fund Accounting and Reporting
    Government-Wide Statements, Capital Assets, Long-Term Debt
    Conversion from Fund Financial Records to Government-wide Financial Statements
    Capital Asset-Related Entries
    Long-Term Debt-Related Entries
    Adjusting to Convert Revenue Recognition to the Accrual Basis
    Adjusting Expenses to the Accrual Basis
    Adding Internal Service Funds to Governmental Activities
    Eliminating Interfund Activities and Balances within Governmental Activities
    Worksheet to Illustrate the Adjustments
    Government-wide Financial Statements
    Statement of Net Assets
    Statement of Activities
    Required Reconciliation to Government-wide Statements
    Summary
    Appendix: Accounting for Capital Assets and Long-Term Debt in Governmental Activities
    Accounting for General Capital Assets, Including Infrastructure
    The Modified Approach for Reporting Infrastructure
    Collections
    Asset Impairment
    Accounting for Long-Term Debt
    Types of General Long-Term Debt
    Debt Disclosures and Schedules
    Accounting for Special-Purpose Entities, Including Public Colleges and Universities
    GASB Statement 34 Reporting Rules for Special-Purpose Entities
    Reporting by Special-Purpose Local Governments Engaged in Governmental Activities
    Reporting by Special-Purpose Local Governments Engaged Only in Business-type Activities
    Reporting by Special-Purpose Local Governments Engaged Only in Fiduciary-type Activities
    Accounting and Financial Reporting for Public Colleges and Universities
    The Environment of Public Higher Education
    Accounting and Financial Reporting for Public Institutions of Higher Education
    Illustrative Case-Northern State University-Beginning Trial Balance
    Illustrative Case-Journal Entries
    Illustrative Case-Closing Entries
    Illustrative Case-Financial Statements
    Summary
    Accounting for Private Not-For-Profit Organizations
    Organizations Covered in this Chapter
    Overview of Not-For-Profit Accounting
    Three Classes of Net Assets
    Financial Reporting
    Note Disclosures
    Accounting for Contributions, Including Reclassifications of Net Assets
    Reporting of Expenses and Assets
    Special Topics: Accounting for Contributions
    Illustrative Transactions and Financial Statements
    Beginning Trial Balance
    Transactions
    Financial Statements
    Alternative Procedure for Recording Fixed Assets
    Performance Evaluation
    Mergers and Acquisitions
    Summary of Not-For-Profit Accounting and Reporting
    College and University Accounting-Private Institutions
    Overview of Private College and University Accounting
    Financial Statements
    Net Asset Classification
    Revenue Reduction versus Expenses
    Academic Terms Encompassing More Than One Fiscal Year
    Expenses
    Other Accounting Guidance
    Illustrative Transactions and Financial Statements
    Illustrative Transactions
    Illustrative Financial Statements for Private Colleges and Universities
    Split-Interest Agreements
    Summary-Private College and University Reporting
    Accounting for Hospitals and Other Health Care Providers
    Accounting and Reporting Requirements of the Health Care Guide
    Financial Statements
    Revenues
    Classifications
    Illustrative Transactions and Financial Statements
    Beginning Trial Balance
    Illustrative Statements for Private Sector Not-for-Profit Health Care Entities
    Financial Reporting for Governmental Health Care Entities
    Financial Reporting for Commercial (For-Profit) Health Care Entities
    Summary and Conclusions Regarding Health Care Accounting and Reporting
    Auditing, Tax-Exempt Organizations, and Evaluating Performance
    Governmental Auditing
    The Single Audit Act and Amendments
    The Sarbanes-Oxley Act
    Tax-Exempt Organizations
    Applying for Tax-Exempt Status
    Federal Filing Requirements
    State Filing Requirements
    Unrelated Business Income Tax (UBIT)
    IRS Oversight
    Summary and Some Conclusions Related to Exempt Entities
    Evaluating Performance
    Analysis of Not-for-Profit Organization Financial Statements
    Analysis of State and Local Government Financial Statements
    Service Efforts and Accomplishments Reporting
    Financial Reporting by the Federal Government
    Federal Government Accounting Standards
    Financial Reporting by Federal Agencies
    Balance Sheet
    Statement of Net Cost
    Statement of Changes in Net Position
    Statement of Budgetary Resources
    Statement of Custodial Activity
    Consolidated Financial Report of the U.S. Government
    Budgetary and Proprietary Accounting
    Budgetary Accounts
    Proprietary Accounts
    Summary of Federal Government Reporting
    Appendix: Illustrative Example
    Glossary: Governmental and Not-for-Profit Accounting Terminology
    Index

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