NTRODUCTION TO GOVERNMENTAL AND NOT-FOR-PROFIT ACCOUNTING

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1 Sixth Edition NTRODUCTION TO GOVERNMENTAL AND NOT-FOR-PROFIT ACCOUNTING Martin Ives New York University Laurence Johnson Colorado State University Joseph R. Razek University of New Orleans (retired) Gordon A. Hosch University of New Orleans Pearson Education International

2 Contents Preface xiii CHAPTER! CHAPTER! About the Authors xvn Governmental and Not-for-Profit Accounting Environment and Characteristics 1 Governmental and Not-for-Profit Organizations 2 Governmental and Not-for-Profit Entity Environment 3 Users and Uses of Accounting Information 6 Accounting Principles and,standards 6 Objectives of Financial Reporting. 9 Unique Accounting and Financial Reporting Characteristics The Use of Funds in Governmental Accounting 14 Fund Accounting 15 Measurement Focus and Basis of Accounting 18 Governmental-Type Funds 24 Proprietary-Type Funds 31 Fiduciary-Type Funds CHAPTER 3 Budgetary Considerations in Governmental Accounting B u d g e t L a w s f 57.. > Types of Budgets v 57. Approaches to Budgeting. 58 The Budget Process 60 Service Efforts and Accomplishments 69 Budgetary Review,69 55 VII

3 VIII Contents CHAPTER 4 The Budget Document 71 Legislative Consideration and Adoption of the Budget 72 Property Tax Levy 73 Using Budgetary Information 74', Classifying Revenues and Expenditures 76 Budgetary Accounting 79 Additional Aspects of Budgetary Accounting 87 Closing Comments 89 An Introduction to General and Special Revenue Funds 100 Recognizing Revenues and Expenditures 103 Illustrating the General Fund Accounting Cycle 103 Control Accounts and Subsidiary Ledgers 117 Closing Comments 118 CHAPTER 5 Additional Transactions of General and Special Revenue Funds- Introduction to Permanent Funds 136 Property Tax Accounting 138. Accounting for Other Taxes and Intergovernmental Grants 146 Important Exceptions to the General Principle for Recognizing Expenditures 147 Fund Balance Presentation 149 Interfuhd Activity 152 /... Additional Aspects of Budgetary Accounting 155 Other Issues, ; Review of Year-End Financial Statements 161 Permanent Funds-,'162. CHAPTER 6 Capital Projects Funds, Debt Service Funds, and Special Assessments 195 Measurement Focus and Basis of Accounting 197 Capital Projects Funds 198 Debt Service Funds 210 Leased Assets.217. Special Assessment Proj ects 219. Concluding Comment 222

4 CHAPTER 7 Proprietary-Type Funds 241 Overview ' Specific Aspects of Internal Service Funds 244 Specific Aspects of Enterprise Funds 253 Contents IX CHAPTER 8 Fiduciary Funds 279 Overview of Employer Government Pension Accounting 281 Fiduciary-Type Funds: Pension Trust Funds 286.Fiduciary-Type Funds: Investment Trust Funds 298 : Fiduciary-Type Funds: Private Purpose Trust Funds 303 Fiduciary-Type Funds: Agency, Funds 308 CHAPTER 9 Reporting Principles and Preparation of Fund Financial Statements 325 Financial Reporting Objectives (GASB Concepts Statement No. I) 327 Introduction to the Financial Reporting Model {GASB Statement No. 34),328 The Financial Reporting Entity (GASB Statement No. 14) 329 j. Overview of the Comprehensive Annual Financial Report Minimum External Financial Reporting Requirements 336 Preparing Management's Discussion and Analysis 337 Preparing Fund Financial Statements: General 338 Preparing Fund Financial Statements for Governmental ' Funds 340 <.-. Preparing Fund Financial Statements for Proprietary Funds. 346 Preparing Fund Financial Statements for Fiduciary Funds 349 Preparing Budgetary Comparison Schedules 351 Preparing Notes to the Financial Statements 353 Preparing the Statistical Section 356 Auditor's Report 359 CHAPTER 10 Government-Wide Financial Statements Format of Government-Wide Financial Statements 381 Preparing Government-Wide Financial Statements 388

5 X Contents Creating Government-Wide Financial Statements from Fund Financial Data: Comprehensive Illustration 396 Capital Assets, Including Infrastructure Assets 406 CHAPTER 11 Federal Government Accounting and Reporting 419 The Federal Budgetary Process 420 Federal Accounting Background 422 Consolidated U.S. Government Financial Statements 427 Accounting Within the Federal Agencies 430 Federal Agency Financial Reporting Requirements 437 CHAPTER 12 Accounting for Not-for-Profit Organizations 452 Characteristics of Not-for-Profit Organizations 453 Financial Reporting 455 Contributions Other Than Services and Collections 462 Contributed Services 468 Contributions to Collections 469 Other Accounting Matters 470 Fund Accounting in NFPOs 474 Illustration Using Funds 476 Appendix 12A Not-for-Profit Colleges and Universities 497 CHAPTER 13 Accounting for Health Care Organizations 502 Health Care Service Providers 504 Introduction to Hospital Accounting and Financial Reporting 504 Patient Service Revenues 507 Investment Income, Other Revenues, Gains 514 Expenses 517 Other Transactions 519 Accounting for Transactions with Restrictions 521 Financial Statements 527 CHAPTER 14 Analysis of Financial Statements and Financial Condition 553 Information Content of Financial Statements: A Financial Analysis Perspective 555 An Approach to Financial Statement and Financial Condition Analysis 557. Financial Statement and Financial Condition Analysis Indicators 560 :.< Financial Condition Assessment 567

6 Contents XI Illustration of Analysis of Governmental Financial Statements 570 Illustration of Analysis of Not-for-Profit Hospital Financial Statements 577 CHAPTER 15 Fundamentals of Accounting 592 The Accounting Equation: Transaction Analysis 593 The Accrual Basis of Accounting 601 Recording Transactions: Debits and Credits 603 Financial Statements 616 Closing the Books 620 Other Transactions and Other Matters 622 Index 637

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