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

ISBN-10: 0078025451

ISBN-13: 9780078025457

Edition: 11th 2013

Authors: Paul A. Copley

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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 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.
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Book details

List price: $176.00
Edition: 11th
Copyright year: 2013
Publisher: McGraw-Hill Companies, The
Publication date: 1/31/2012
Binding: Paperback
Pages: 480
Size: 6.25" wide x 8.75" long x 0.75" tall
Weight: 1.562
Language: English

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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