essentials of accounting for government and not for profit organizations
Essentials of accounting for government and not for profit organizations
Copley"s Essentials of accountancy for Governmental and Not-for-Profit Organizations, 13e is best suited because that those professors who objective is to provide more concise coverage than what is obtainable in bigger texts. The main focus of this message is ~ above the preparation of exterior financial statements which is a an obstacle for government reporting. The technique in this version is similar to that provided in practice. Specifically, day to day events are taped at the money level using the communication of accountancy for money financial statements. Governmental tasks are recorded using the modified accumulation basis. The fund-basis statements space then provided as entry in the ready of government-wide statements. The preparation of government-wide explanation is presented in an Excel worksheet.
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Table the Contents
Preface iiiChapter 1 development to audit and financial Reporting for Governmental and Not-For-Profit institutions 2Generally Accepted accountancy Principles 4Sources of typically Accepted bookkeeping Principles 6Definition of federal government 8Objectives of bookkeeping and Financial reporting 9Objectives of audit and financial Reporting because that State and Local Governmental devices 9Objectives that Financial reporting by the Federal government 10Objectives the Financial report by Not-for-Profit reality 11State and also Local federal government Financial reporting 11Comprehensive yearly Financial Report 11Measurement Focus and Basis of bookkeeping 13Fund structure for Stale and Local Government accountancy and reporting 14Number of Funds required 17Chapter 2 summary of gaue won Reporting for State and Local governments 20The governmental Reporting entity 21Reporting by significant Funds 23Overview that the substantial Annual financial Report (CAFR) 23Introductory ar 24Financial Section: Auditor"s Report 25Management"s conversation and analysis (MD&A) 26Statement of Net place 28Government-wide statement of tasks 30Governmental Funds: Balance paper 32Governmental Funds: explain of Revenues, Expenditures, and also Changes in fund Balance 34Proprietary Funds: declare of Net position 36Proprietary Funds: declare of Revenues, Expenses, and also Changes in fund Net place 38Proprietary Funds: explain of Cash flows 40Fiduciary: explain of Fiduciary Net place 42Fiduciary: statement of alters in Fiduciary Net position 42Notes come the financial Statements 44Required Supplementary details Other 보다 MD&A 46Combining statements 48Statistical details 48Summary 49Chapter 3 Modified accumulation Accounting: consisting of the role of money Balances and also Budgetary government 54Modified accrual Accounts 55Balance paper Accounts 55Financial Statement task Accounts 60Budgetary accounts 62Expenditure bike 62Revenue recognition for Nonexchange Transactions 64Summary 67Appendix: Budgetary accounting Illustrated 67Budgets and Budgetary account 67Accounting for profits 69Accounting because that Encumbrances and Expenditures 70Budget Revisions 74Budgetary to compare Schedule 74Chapter 4 accounting for the General and Special Revenue funds 83Overview of amendment Accrual audit 84Interfund Transactions 85Interfund loan 85Interfund Set-vices noted and supplied 87Interfund move 87Interfund Reimbursements 87Illustrative Case-General money 87Use that Budgetary account 88Recording the budget 88Re-establishment that Encumbrances 89Recording Prior-Year property Taxes as revenues 89Tax Anticipation note Payable 89Payment of liabilities as tape-recorded 90Encumbrance entrance 90Recording property Tax raise 90Collection that Delinquent counting 90Collection of present Taxes 91Other profits 91Repayment of taxation Anticipation notes 92Recognition of Expenditures because that Encumbered item 92Payrolls and Payroll taxes 92Payment ~ above Account and Other item 93Correction of Errors 93Amendment the the spending plan 94Interfund Transactions 94Write-off that Uncollectible Delinquent taxes 96Accrual the Interest and Penalties 97Deferral of property Tax Revenue 97Special article 97Preclosing psychological Balance 97Closing Entries 99Year-End jae won Statements 101Illustrative Case-Special Revenue fund 102Motor Fuel Tax earnings 103Expenditures for roadway Repairs 105Reimbursement come General fund 105Reimbursement Grant audit 105Closing entry 106Year-End jae won Statements 106Recognition that Inventories in Governmental accumulation 107Summary 108Chapter 5 bookkeeping for various other Governmental fund Types: funding Projects, blame Service, and also Permanent 118Capital tasks Funds 120Illustrative situation 121Debt service Funds 126The Modified accumulation Basis-As applied to Debt company Funds 126Additional uses of Debt company Funds 127Debt Service audit for Serial bond 127Illustrative Case-Regular Serial bond 127Other issues Involving Payment of long-term Debt 130Debt Service accountancy for Deferred Serial binding 130Debt Service bookkeeping for term Bonds 130Bond Refundings 130Permanent accumulation 131Financial Reporting because that Governmental accumulation 133Financial Statements-Governmental funds 133Summary 137Chapter 6 Proprietary funds 146Internal organization Funds 148Establishment and Operation that Infernal service Funds 149Illustrative Case-Supplies money 149Other concerns Involving Internal company Funds 153Risk Management tasks 153Implications for other Funds 154Enterprise accumulation 154Illustrative Case-Water Utility fund 156Proprietary fund Financial declaration 161Statement that Net position 162Statement that Revenues, Expenses, and Changes in money Net position 162Statement that Cash operation 164Environmental legal responsibility 167Accounting because that Municipal Solid rubbish Landfills 167Pollution Remediation expenses 168Summary 168Chapter 7 Fiduciary (Trust) accumulation 182Agency accumulation 185Tax firm Funds 185Accounting because that Tax firm Funds 186Financial report for firm Funds 187A Note around Escheat property 187Private-Purpose trust Funds 189Accounting because that Investments 189Illustrative Case-Private-Purpose trust Funds 190Investment to trust Funds 192Public Employee Retirement systems (Pension to trust Funds) 193Accounting and also Reporting because that Defined benefit Pension to plan 194Additional Disclosures 197Other Postemployment advantage Trust accumulation 200A Note around IRS 457 Deferred Compensation plans 202A Final discuss Fund audit and reporting 202Chapter 8 Government-Wide Statements, resources Assets, permanent Debt 213Conversion from fund Financial documents to Government-wide gaue won Statements 214Capital Asset-Related Entries 216Long-Term Debt-Related Entries 221Adjusting to transform Revenue acknowledgment to the Accrual basis 222Adjusting costs to the Accrual communication 226Adding Internal business Funds to Governmental tasks 226Eliminating Interfund tasks and Balances within Governmental tasks 229Worksheet to show the Adjustments 232Government-wide gaue won Statements 232Statement the Net position 232Statement of activities 235Required Reconciliation to Government-wide explanation 238Summary 240Appendix: bookkeeping for resources Assets and also Long-Term blame in Governmental activities 241Accounting for General capital Assets, consisting of Infrastructure 241The Modified approach for Reporting infrastructure 242Collections 243Asset disability 244Accounting for irreversible Debt 244Types of general Long-Term blame 245Debt Disclosures and also Schedules 245Chapter 9 progressed Topics because that State and also Local federal governments 260Reporting by Special-Purpose entities 261Special-Purpose Governments engaged in Governmental activities 261Special-Purpose Governments involved Only in Business-type activities 263Special-Purpose Governments involved Only in Fiduciary-type tasks 265Special Assessments 265Acquisition of resources Assets by Lease Agreements 266Accounting for tools Acquired under capital Leases-Governmental activities 266Accounting for devices Acquired under funding Leases-Businesslike activities 268Leases: Proposed changes 269Employer Reporting for Pensions 269Reporting the Pension liabilities 269Reporting that Pension Expenditure-Governmental funds 270Reporting that Pension Expense-Accrual communication (Economic resources Focus) statements 270A final Note: Pension Discount prices 274Employer reporting for various other Postemployment benefits 274Summary 275Chapter 10 accountancy for personal Not-For-Profit establishments 281Organizations spanned in This chapter 283Overview the Not-for-Profit bookkeeping 283Three great of network Assets 283Financial report 284Note Disclosures 285Accounting because that Contributions, consisting of Reclassifications of network Assets 285Reporting that Expenses and Assets 286Special Topics: accounting for contribute 287Illustrative Transactions and also Financial explanation 289Beginning attempt Balance 289Transactions 290Financial explanation 297Alternative Procedure because that Recording fixed Assets 302Performance evaluation 302Mergers and also Acquisitions 304Changes in Not-for-Profit reporting 305Summary of Not-for-Profit accounting and reporting 306Chapter 11 College and University accounting 317Overview that College and University accounting 318Financial statements 319Revenue and Expense category 319Illustrative Case-Comparison of Public and Private Colleges 322Illustrative Case-Journal Entries 323Illustrative Case-Closing Entries 330Illustrative Case-Financial declaration 331Split-Interest Agreements 335Summary: College and also University accounting 339Chapter 12 accountancy for Hospitals and also Other Health care Providers 345Accounting and also Reporting needs of the Health care Guide 347Financial declaration 347Revenues 349Classifications 349Illustrative Transactions and Financial statements 349Beginning attempt Balance 350Illustrative declaration for personal Sector Not-for-Profit Health care Entities 357Financial Reporting because that Governmental Health care Entities 358Financial Reporting because that Commercial (For-Profit) Health care Entities 361Summary: health Care accounting and report 362Chapter 13 Auditing, Tax-Exempt Organizations, and examining Performance 369Governmental Auditing 370The solitary Audit Act and Amendments 376The Sarbanes-Oxley action 378Tax-Exempt establishments 379Applying because that Tax-Exempt status 380Federal Filing demands 381State Filing requirements 383Unrelated company Income tax (UBIT) 383IRS oversight 384Summary and also Some Conclusions regarded Exempt entities 385Evaluating performance 385Analysis the Not-for-Profit organization Financial explanation 385Analysis of State and Local government Financial explanation 386Service initiatives and success Reporting 388Chapter 14 Financial reporting by the Federal federal government 397Federal Government accounting Standards 398Financial report by federal Agencies 399Balance sheet 400Statement of Net expense 400Statement of changes in Net position 402Statement that Budgetary sources 402Statement the Custodial activity 402Consolidated financial Report of the U.S. Government 403Budgetary and also Proprietary audit 406Budgetary accounts 407Proprietary account 409Summary that Federal government Reporting 410Appendix: Illustrative instance 410Glossary: Governmental and also Not-for-Profit accounting Terminology G-1Index I