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You are watching: Essentials of accounting for governmental and not for profit organizations

Copley’s Essentials of accounting for Governmental and also Not-for-Profit Organizations, 11e is ideal suited for those professors who objective is come provide an ext concise coverage 보다 what is accessible in larger texts. The main emphasis of this text is ~ above the ready of exterior financial statements which is a challenge for government reporting. The method in this edition is similar to that provided in practice. Special, day come day events are taped at the money level making use of the communication of accountancy for money financial statements. Governmental tasks are tape-recorded using the modified accumulation basis. The fund-basis statements space then supplied as intake in the preparation of government-wide statements. The preparation of government-wide explanation is presented in one Excel worksheet. This strategy has 2 advantages: (1) it is the technique most commonly applied in practice, and (2) it is an approach familiar to students who have studied the procedure of consolidation in their advanced accountancy classes. State and local federal government reporting is depicted using an continuous example integrated throughout Chapters 3 v 8 and also 13.This execution incorporates every one of the FASB, GASB, GAO and AICPA pronouncements passed since the critical edition.

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Table the Contents

PrefaceivIntroduction to audit and jae won Reporting for Governmental and also Not-for-Profit Organizations1Generally Accepted audit Principles3Objectives of accounting and jae won Reporting6Objectives of audit and jae won Reporting for the federal Government8Objectives that Financial report by Not-for-Profit Entities8Objectives of bookkeeping and financial Reporting for State and Local governmental Units9State and Local government Financial Reporting10Comprehensive annual Financial Report10Measurement Focus and Basis that Accounting12Fund framework for State and Local Government bookkeeping and Reporting13Number of accumulation Required15Budgetary Accounting15Accounting for resources Assets, consisting of Infrastructure16Accounting for long-term Debt and also Other permanent Liabilities16Additional Resources17Overview of jae won Reporting because that State and also Local Governments22The Governmental reporting Entity23Overview of the an extensive Annual financial Report (CAFR)25Example substantial Annual financial Report26Introductory Section26Financial Section: Auditor"s Report27Required Supplementary Information-Management"s conversation and evaluation (MD&A)28Basic gaue won Statements-Statement of net Assets30Government-wide explain of Activities32Reporting by major Funds34Governmental Funds: Balance Sheet34Governmental Funds: declare of Revenues, Expenditures, and Changes in fund Balance36Proprietary Funds: declare of net Assets38Proprietary Funds: explain of Revenues, Expenses, and Changes in fund Net Assets40Proprietary Funds: explain of Cash Flows42Fiduciary: declare of Fiduciary net Assets44Fiduciary: explain of transforms in Fiduciary net Assets44Notes come the jae won Statements46Required Supplementary information Other than MD&A48Combining Statements50Statistical Information50Special-Purpose Governments51Public Colleges and also Universities51Other governmental Not-for-Profit Organizations52Budgetary bookkeeping for the General and Special Revenue Funds58Budgets together Legal papers 59Balance Sheet and Operating explain Accounts60Budgets and also Budgetary Accounts62Recording the Budget63Accounting because that Revenues65Accounting for Encumbrances and also Expenditures66Budget Revisions70Budgetary to compare Schedule70Classification of estimated Revenues and also Revenues72Classification that Appropriations and Expenditures72AD Valorem Taxes73Accounting because that the General and Special Revenue Funds82Modified accrual Accounting83Revenue Recognition83Expenditure Recognition86Interfund Transactions86Interfund Loans87Interfund Services detailed and Used87Interfund Transfers87Interfund Reimbursements87General fund Account Structure87Illustrative Case-General Fund87Recording the Budget88Reestablishment that Encumbrances88Recording Prior-Year residential property Taxes together Revenues89Tax Anticipation notes Payable89Payment of liabilities as videotaped 89Encumbrance Entry90Recording home Tax Levy90Collection the Delinquent Taxes90Collection of existing Taxes91Other Revenues91Repayment of taxation Anticipation Notes92Recognition of Expenditures because that Encumbered Items92Payrolls and also Payroll Taxes93Payment of Vouchers and Other Items93Correction of Errors94Amendment the the Budget94Interfund Transactions95Write-off that Uncollectible Delinquent Taxes97Reclassification of existing Taxes97Accrual of Interest and also Penalties98Deferral of residential property Tax Revenue98Special Item98Preclosing psychological Balance98Closing Entries100Year-End jae won Statements101Illustrative Case-Special Revenue Fund104Motor Fuel taxes Revenues104Expenditures for roadway Repairs104Reimbursement to basic Fund105Reimbursement give Accounting105Closing Entry105Year-End jae won Statements 107Recognition that Inventories in governmental Funds107Accounting for other Governmental money Types: resources Projects, blame Service, and Permanent118Capital tasks Funds120Illustrative Case121Other issues Involving salvation of funding Assets126Acquisition of general Fixed legacy by Lease Agreements126Construction of general Fixed Assets financed by distinct Assessment Debt127Debt company Funds128The Modified accumulation Basis-As used to Debt company Funds128Additional uses of Debt organization Funds129Debt Service bookkeeping for Serial Bonds129Illustrative Case-Regular Serial Bonds130Other issues Involving Payment of long-term Debt132Debt Service bookkeeping for Deferred Serial Bonds132Debt Service accountancy for ax Bonds132Debt Service accountancy for funding Lease Payments132Bond Refundings133Permanent Funds134Financial Reporting because that Governmental Funds136Balance Sheet-Governmental Funds136Statement the Revenues, Expenditures, and Changes in money Balances-Governmental Funds140Proprietary Funds149Internal service Funds151Establishment and Operation the Internal service Funds151Illustrative Case-Supplies Fund152Other concerns Involving Internal service Funds156Risk monitoring Activities156Implications for other Funds156Enterprise Funds157Illustrative Case-Water energy Fund158Preclosing trial Balance163Proprietary fund Financial Statements164Statement of net Assets166Statement the Revenues, Expenses, and Changes in fund Net Assets166Statement the Cash Flows167Accounting because that Municipal Solid garbage Landfills170Pollution Remediation Costs171Fiduciary (Trust) Funds, Interfund Transactions186Agency Funds187Tax firm Funds189Accounting because that Tax firm Funds189Financial report for firm Funds191Private-Purpose to trust Funds191Accounting for Investments193Illustrative Case-Private-Purpose trust Funds193A Note around Escheat Property195Investment to trust Funds 196Public Employee Retirement systems (Pension trust Funds)196Accounting and Reporting because that Defined advantage Pension Plans197A Note around Other Postemployment Benefits201Summary of employer Reporting204A Note around IRS 457 Deferred Compensation Plans205Interfund Transactions205Reciprocal Interfund Activity-Interfund Loans and Advances206Reciprocal Interfund Activity-Interfund Services detailed and Used207Nonreciprocal Interfund Activity-Interfund Transfers207Nonreciprocal Interfund Activity-Interfund Reimbursements207A Final comment on Fund audit and Reporting208Government-Wide Statements, solved Assets, permanent Debt220Conversion from money Financial records to Government-Wide gaue won Statements221Recording funding Assets, Removing expenditure for capital Outlays, recording Depreciation, and Converting Sales of resources Assets come the accrual Basis223Changing "Proceeds of Bonds" to blame Liabilities, changing Expenditures because that Debt service Principal to reduction of Liabilities, Amortizing bond Premiums, and also Adjusting for attention Accruals225Adjusting to transform Revenue recognition to the accumulation Basis227Adjusting to Record expenses on accrual Basis230Adding Internal business Funds to government Activities230Eliminating Interfund tasks and Balances within Governmental Activities232Worksheets to show the Adjustments233Government-Wide jae won Statements236Statement of network Assets236Statement of Activities236Required Reconciliation to Government-wide Statements240Accounting for solved Assets, including Infrastructure242Accounting for basic Fixed Assets242Accounting for Infrastructure243The Modified technique for reporting Infrastructure244Collections245Asset Impairment245Accounting for irreversible Debt246Types of general Long-Term Debt246Debt Disclosures and Schedules247Accounting for Special-Purpose Entities, including Public Colleges and Universities265GASB declare 34 report Rules for Special-Purpose Entities265Reporting through Special-purpose regional Governments engaged in governmental Activities266Reporting by Special-purpose local Governments involved Only in Business-type Activities268Reporting by Special-purpose local Governments engaged Only in Fiduciary-Type Activities271Accounting and Financial Reporting for Public Colleges and Universities272The atmosphere of Public higher Education272Accounting and Financial Reporting because that Public establishments of higher Education273Illustrative Case-Northern State University-Beginning psychological Balance275Illustrative Case-Journal Entries275Illustrative Case-Closing Entries282Illustrative Case-Financial Statements285Summary289Accounting for personal Not-for-Profit Organizations297Organizations extended in this Chapter299Overview of Not-For-Profit Accounting300Three classes of network Assets300Financial Reporting300Note Disclosures301Accounting because that Contributions, consisting of Reclassifications of network Assets301Reporting the Expenses and also Assets303Special Topics: bookkeeping for Contributions304Illustrative Transactions and also Financial Statements305Beginning attempt Balance305Transactions306Financial Statements313Alternative Procedure for Recording fixed Assets316Performance Evaluation318Mergers and also Acquisitions319Summary that Not-For-Profit audit and Reporting320College and also University Accounting-Private Institutions329Overview of personal College and University Accounting331Financial Statements331Net asset Classification332Revenue Reduction versus Expenses333Academic terms Encompassing much more Than One fiscal Year333Expenses333Other accountancy Guidance334Illustrative Transactions and also Financial Statements335Illustrative Transactions335Illustrative jae won Statements for private Colleges and also Universities342Split-Interest Agreements342Summary of audit and Reporting347Accounting because that Hospitals and Other Health care Providers355Accounting and also Reporting requirements of the Health care Guide357Financial Statements357Revenues359Classifications359Illustrative Transactions and Financial Statements360Beginning psychological Balance360Illustrative Statements because that Private-Sector Not-for-Profit Health treatment Entities366Financial Reporting because that Governmental Health treatment Entities369Financial Reporting for Commercial (For-Profit) Health treatment Entities371Summary and Conclusions concerning Health Care bookkeeping and Reporting371Auditing, Tax-Exempt Organizations, and examining Performance378Governmental Auditing379The solitary Audit Act and Amendments385The Sarbanes-Oxley Act388Tax-Exempt Organizations389Applying for Tax-Exempt Status390Federal filing Requirements391Public Disclosures395State filing Requirements395Unrelated company Income taxes (UBIT)395IRS Oversight396Summary and also Some Conclusions related to Exempt Entities396Evaluating Performance397Analysis that Not-for-Profit company Financial Statements397Analysis that State and also Local federal government Financial Statements398Service efforts and achievements Reporting403Glossary: Governmental and also Not-For-Profit audit Terminology414Index437