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Governmental and Nonprofit Accounting Theory and Practice

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ISBN-10: 0133835642

ISBN-13: 9780133835649

Edition: 5th 1996

Authors: Robert J. Freeman, Craig D. Shoulders

List price: $99.00
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Book details

List price: $99.00
Edition: 5th
Copyright year: 1996
Publisher: Prentice Hall PTR
Binding: Hardcover
Pages: 835
Size: 8.07" wide x 10.12" long x 1.38" tall
Weight: 3.696
Language: English

Governmental and Nonprofit Accounting: Environment and Characteristics
Learning Objectives
Characteristics and Types of G&NP Organizations
G&NP Sector Significance
The G&NP Environment
Objectives of G&NP Accounting and Financial Reporting
Authoritative Sources of G&NP Accounting Principles and Reporting Standards
Separate Principles Established
AICPA Audit Guides
FASB-GASB Jurisdictions
"Government" Defined
GAAP Hierarchies
Concepts and Objectives of SLG Accounting and Financial Reporting
Governmental-Type Activities
Financial Report Users
Financial Report Uses
Business-Type Activities
Users and Uses of Financial Reports
Financial Reporting Objectives
Characteristics of SLG Accounting and Financial Reporting
Fund Accounting
Budgets and Appropriations
Other Distinguishing Characteristics
Commercial Accounting Comparison
Concluding Comments
Evolution of Accounting Principles and Standards-Prior to the GASB
Initial Evolution (1900-1933)
National Committees on Municipal and Governmental Accounting (1934-1974)
National Council on Governmental Accounting (1974-1984)
State and Local Government Accounting Principles
Learning Objectives
Overview of the GASB Financial Reporting Model
The GASB Principles
Accounting System Capabilities
Fund Accounting
Transaction Analysis
Nonfund Accounts
Classification and Terminology
Annual Financial Reporting
Concluding Comments
Budgeting, Budgetary Accounting, and Budgetary Reporting
Learning Objectives
Budgetary Planning, Control, and Evaluation
Basic Budgetary Terminology
Capital vs. Current Budgets
Tentative vs. Enacted Budgets
General vs. Special Budgets
Fixed vs. Flexible Budgets
Executive vs. Legislative Budgets
Budgetary Approaches and Emphases
The Budget as Information
Recommended Budgeting Practices
Illustrative Budget Comparison Statement
Budget Preparation
Preliminary Estimates
Preparing the Budget
Legislative Consideration and Action
Budget Execution
Budgetary Accounting Overview
General Ledger
Subsidiary Ledgers
Budgetary Reporting Overview
The Budgetary Basis
Interim Budgetary Statements
Annual Budgetary Comparisons
Concluding Comments
Alternative Expenditure Budgeting Approaches
The Object-of-Expenditure Approach
The Performance Approach
The Program and Planning-Programming-Budgeting (PPB) Approaches
The Zero-Base Budgeting Approach
In Sum
Selecting an Appropriate Approach
The General Fund and Special Revenue Funds
Learning Objectives
General Fund Accounting-Illustrative Example
Entries During 20X1
Year-End Adjustments
Preclosing Trial Balances
Illustrative Example Worksheets
20X1 Closing Entries
Closing Entry Approaches
Reserve for Encumbrances
Budgetary Fund Balance
Postclosing Trial Balance
Balance Sheets
Interim Balance Sheet
Year-End Balance Sheet
Fund Balance
Fund Balance Reserves
Unreserved Fund Balance
Fund Balance Designations
Interfund Receivables and Payables
Capital Assets and Long-Term Liabilities
Statement of Revenues, Expenditures, and Changes in Fund Balances
Total Fund Balance
Extraordinary and Special Items
Budget Comparison Schedule or Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
Entries During 20X2
Combining Special Revenue Fund Statements
Alternative Account Structure and Entries
Concluding Comments
General Ledger Worksheet and Subsidiary Ledgers
Revenue Accounting-Governmental Funds
Learning Objectives
Revenue Definition and Recognition
Classification of Revenue Accounts
General Fund Revenues
Other Governmental Funds Revenues
Governmental Unit Revenues
Taxpayer-Assessed Taxes
Property Taxes
Property Tax Statements/Schedules
Licenses and Permits
Intergovernmental Revenues
Intergovernmental Revenue Classifications
Intergovernmental Revenue Accounting
Charges for Services
Interfund Services vs. Reimbursements
Charges for Services
Fines and Forfeits
Miscellaneous Revenues
Investment Earnings
Capital Asset Sales/Losses
Private Contributions
Revenue Budget Revisions
Revenue Reporting: GAAP vs. Budgetary
Changes in Accounting Principles
New GASB Standards
Prospective Application
Retroactive Application
Error Correction
Concluding Comments
Expenditure Accounting-Governmental Funds
Learning Objectives
Expenditure Definition and Recognition
Capital Outlay Expenditures
Debt Service Expenditures
Intergovernmental Expenditures
Current Operating Expenditures
Inventories and Prepayments
Expenditure Accounting Controls
Expenditure Accounting Procedures
Personal Services
Materials and Supplies
Other Services and Charges
Classification of Expenditures
Accounting for Allocations and Allotments
Appropriations Revisions
Adjusting Entries
Debt Service
Claims and Judgments
Compensated Absences
Pension/OPEB Plan Contributions
Expenditure Reporting: GAAP vs. Budgetary
Changes in Accounting Principles
Alternative Principles
New GASB Standards
Error Correction
Concluding Comments
Classification of Expenditures
Classification by Function or Program
Classification by Organization Unit
Classification by Activity
Classification by Character
Classification by Object Classes
Capital Projects Funds
Learning Objectives
Capital Projects Fund Operations and Accounting Standards
CPF Financial Resources
Number of Funds
CPF Life Cycle
The Budget
General-Subsidiary Ledgers
Interim Financing
Project Costs
Intergovernmental Revenues
Recording Bond Issues
Capital Projects Fund-Case Illustration Begun, 20X1
General Ledger Entries
Budgetary Entry
Transaction/Event Entries
General Ledger Worksheet(s)
Preclosing Trial Balance
Closing Entries
Financial Statements
Capital Projects Fund-Case Illustration Concluded, 20X2
20X1 Accounts Closed
Case Illustration Assumptions
20X2 Entries
General Ledger Worksheet
20X2 Financial Statements
Other Capital Projects Fund Operations, Accounting, and Reporting Matters
Bond Anticipation Notes (BANs)
Investments and Arbitrage
Remaining Fund Balance
Reporting Multiple Projects
Combining CPF Statements
Concluding Comments
General Ledger Worksheet and Subsidiary Ledgers
Debt Service Funds
Learning Objectives
Debt Service Fund Environment, Financing, and Expenditure Recognition
Long-Term Liabilities
Fixed vs. Variable Rates
Debt Service Payments
Bonds and Fiscal Agents
Required DSF Reserves
Bond Ratings
Bond Insurance
Sources of Financing
DSF Investments
DSF Expenditure Recognition
Debt Service Fund for a Serial Bond Issue: Case Illustration
Illustrative Entries
Financial Statements
Special Assessment Debt Service Funds
Illustrative Entries
Illustrative Financial Statements
Other Conventional Debt Service Fund Considerations
Nonaccrual of Interest
Combining Balance Sheet
Combining Operating Statement
Multiple Bond Issues
Debt Service Fund for a Term Bond Issue
Sinking Fund Requirements
Debt Service Funds for Deep Discount Issues
Reasons for Refundings
Refundings Defined
Defeasance of Debt
Debt Service Funds for Refundings
Current Refunding
Advance Refunding
Debt and Non-debt Financing
Reporting Refundings
Advance Refunding Disclosures
Concluding Comments
General Capital Assets; General Long-Term Liabilities; Permanent Funds: Introduction to Interfund-GCA-GLTL Accounting
Learning Objectives
Overview of General Capital Assets and General Long-Term Liabilities Accounting Procedures
General Capital Assets
General Capital Assets Defined
Initial Valuation
Infrastructure Assets
Capitalization Policy
Property Records
Capital Assets Inventory
Additions, Betterments, and Renewals
Depreciation/Accumulated Depreciation
Updating GCA Accounts
Recording Depreciation
Sale, Replacement, or Retirement
Intragovernmental Transactions
Damage or Destruction
Insurance Recoveries
Reporting and Disclosures
General Long-Term Liabilities
Serial Debt
Special Assessment Debt
Other Government Liabilities
Interest-Related Adjustments
Defaulted Bonds
In-Substance Defeasance
GLTL Records
GLTL Reporting and Disclosures
Permanent Funds
Introduction to Interfund-GCA-GLTL Accounting
Concluding Comments
Enterprise Funds
Learning Objectives
Common Characteristics and Principles of Proprietary Funds
Accounting Equation
Accounting Principles
Financial Statements
Enterprise Funds
Enterprise Funds Defined
Specific EF Topics
EF Accounting Illustrated
Combining Enterprise Fund Financial Statements
Concluding Comments
Internal Service Funds
Learning Objectives
Overview of Accounting Principles
Initial Establishment
Pricing Policies
Pricing Methods
Relation to Budget
Financial Statements
Internal Service Fund Accounting Illustrated
Automotive Equipment Unit
Central Stores Fund
Self-Insurance Fund
Disposition of Increase or Decrease in Net Assets
Changes in Net Asset Balance
Dissolution of an Internal Service Fund
Combining Internal Service Fund Financial Statements
Concluding Comments
Trust and Agency (Fiduciary) Funds: Summary of Interfund-GCA-GLTL Accounting
Learning Objectives
The Accountability Focus
Agency Funds
Simpler Agency Funds
Tax Agency Funds
Special Assessment Agency Funds
Trust Funds
Private-Purpose Trusts
Investment Trusts
Pension Trusts
Combining Trust and Agency Fund Financial Statements
Additional Interfund-General Capital Asset-General Long-Term Liability Accounting Illustrations
Concluding Comments
Financial Reporting: The Basic Financial Statements and Required Supplementary Information
Learning Objectives
Basic Financial Statements Overview
Government-Wide Financial Statements
Statement of Net Assets
Statement of Activities
Measurement Focus
Reporting Expenses
Program vs. General Revenues
Internal Service Funds
Infrastructure Capital Assets
Fund Financial Statements
Major Fund Reporting
Fund-Based Financial Statements
Note Disclosures
Required Supplementary Information
Management's Discussion and Analysis
Other RSI
Special Purpose Governments
Concluding Comments
Illustrative Management's Discussion & Analysis
State of Florida Management's Discussion and Analysis
Financial Reporting: Deriving Government-Wide Financial Statements and Required Reconciliations
Learning Objectives
Deriving Government-Wide Governmental Activities Data
Deriving Government-Wide Financial Statement Data for Governmental Activities-A Worksheet-Based Illustration
GCA-GLTL Related Adjustments
Basis of Accounting Adjustments
Eliminating Interfund Transactions
Completing the Worksheet
Government-Wide Financial Statements
Required Reconciliations
Additional Worksheet Adjustments
Incorporating Internal Service Funds
Deriving Government-Wide Business-Type Activities Data
Concluding Comments
Financial Reporting: The Comprehensive Annual Financial Report and the Financial Reporting Entity
Learning Objectives
The Comprehensive Annual Financial Report
The Introductory Section
The Financial Section
The Statistical Section
Supplemental and Special Purpose Reporting
Financial Reporting-Complex Entity Structure
Reporting Entity Definition
Reporting Entity Disclosures
Integrating Component Units into the Reporting Entity
Discrete Presentation
Other Issues
Separate Issuance of Primary Government Financial Statements
Related Organizations, Joint Ventures, and Jointly Governed Organizations
Concluding Comments
Non-SLG Not-for-Profit Organizations: SFAS 116 and 117 Approach
Learning Objectives
Classification of Organizations
Voluntary Health and Welfare Organizations
Other Not-for-Profit Organizations
Classes of Net Assets
Non-GAAP Accounting and Reporting Requirements
Basis of Accounting
SFAS 117 Financial Statements
Balance Sheet
Statement of Activities
Statement of Cash Flows
Statement of Functional Expenses
Nongovernment VHWO and ONPO Accounting and Reporting Illustration
Transactions and Entries
Illustrative Financial Statements
Concluding Comments
Accounting for Colleges and Universities
Learning Objectives
Classification as "Engaged Only in Business-Type Activities"
GAAP Reporting Requirements
Balance Sheet
Operating Statement
Statement of Cash Flows
Case Illustration-A Government University
Other Resources
Annuity and Life Income Gifts
Annuity Gifts
Life Income Gifts
Colleges and Universities Engaged in Both Governmental and Business-Type Activities
Nongovernment Not-for-Profit University Reporting
Concluding Comments
Accounting for Health Care Organizations
Learning Objectives
Funds-Government Hospitals
Basic Principles
Unique Measurement and Display Features
Distinguishing Primary Activities
Classes of Revenues
Expense Classification
Restricted Assets
Property, Plant, and Equipment
Illustrative Case
Summary of Transactions and Events
Financial Statements
Balance Sheets
Operating Statement
Statement of Cash Flows
Nongovernment Not-for-Profit Hospital Reporting
Concluding Comments
Federal Government Accounting
Learning Objectives
The Federal Financial Management Environment
Financial Accounting Responsibilities
The Budgetary Process
The Budget Cycle
Exceeding Budget Authority
Accounting Principles and Standards for Federal Agencies
The Federal Model
Standard General Ledger
Federal Fund Structure
Financial Reporting
Federal Agency Accounting and Reporting Illustrated
A Case Illustration
Maintaining Budgetary Control
Maintaining Proprietary Accounts
Other Transactions and Entries
Closing Entries
Concluding Comments
Auditing Governments and Not-for-Profit Organizations
Learning Objectives
What is an Audit?
Classifications of Audits
Management's Representations
External Auditor Classifications
The Audit Contract
Auditing Standards
AICPA Auditing Standards
GAO Auditing Standards
GAGAS Summary
The Financial Audit
Auditing Standards
Audit Procedures
The Audit Report
The Single Audit
Auditee Responsibilities
Auditor Responsibilities
Auditing Guidance
Major FFA Programs
Findings & Questioned Costs
Illegal Acts
Auditor Reports-Single Audit
Auditee Reporting Responsibilities
Other Matters
Concluding Comments
Data Collection Form for Reporting on Audits of States, Local Governments, and Nonprofit Organizations