Accounting for Libraries and Other Not-for-Profit Organizations / Edition 2

Accounting for Libraries and Other Not-for-Profit Organizations / Edition 2

by G. Stevenson Smith
     
 

ISBN-10: 083890758X

ISBN-13: 9780838907580

Pub. Date: 07/28/1999

Publisher: American Library Association

Perhaps not your favorite part of being a librarian, accounting is nevertheless a critical component of the business of running a library, and librarians with a working knowledge of accounting are more effective decision-makers. G. Stevenson Smith's Accounting for Libraries and Other Not-for-Profit Organizations provides practical accounting information for those

Overview

Perhaps not your favorite part of being a librarian, accounting is nevertheless a critical component of the business of running a library, and librarians with a working knowledge of accounting are more effective decision-makers. G. Stevenson Smith's Accounting for Libraries and Other Not-for-Profit Organizations provides practical accounting information for those librarians who don't want to be accountants, but do want to keep track of the bottom line. This update of the classic text provides the fundamental principles of library accounting for practitioners.

Practical use of accounting basics ensures that librarians:
-- Work effectively with financial mangers, trustees, and others
-- Create and maintain a financial system that ensures controls of resources
-- Keep accurate and useful records of financial information on library transactions

Accounting fundamentals such as accounting systems, reporting, and closing are all clearly explained with examples. The new edition also explains how library managers and directors can work within the library's financial system to achieve goals. Library specific examples are provided to explain how to perform specific accounting functions. Includes a glossary.

Product Details

ISBN-13:
9780838907580
Publisher:
American Library Association
Publication date:
07/28/1999
Edition description:
2ND
Pages:
322
Product dimensions:
6.00(w) x 9.10(h) x 0.90(d)

Table of Contents

Prefacexi
Part 1The Foundations of Fund Accounting1
1Where Are We Headed?3
Who Should Use This Book?3
Why Set Accounting Standards?5
Who Sets Accounting Standards for NFOs?5
What Is Fund Accounting?7
What about Audits?8
Summary8
2Those Pesky Debits and Credits10
What's an Asset?13
What's a Liability?14
What's the Fund Balance?16
The Accounting Equation17
Analyzing Debit and Credit Changes in Assets and Liabilities18
Using Transaction Analysis with Assets and Liabilities19
What Are Revenues, Expenses, and Expenditures?24
Analyzing Debit and Credit Changes in Revenue and Expense Accounts27
Using Transaction Analysis with Revenues and Expenses28
Analyzing Transactions, Journalizing, and Posting33
Summary35
3Which Accounting System Are We Using?39
Cash Basis versus Accrual Method39
Accrual Basis versus Modified Accrual Method41
Accounting under the Cash, Accrual, and Modified Accrual Systems47
Adjusting Entries55
Financial Statements59
Comparisons between Accrual- and Cash-based Financial Statements61
Modified-Accrual Statements Compared with Cash and Accrual Statements66
Why a Fund Balance Rather Than Net Assets68
Audits of NFOs70
Summary73
4Making Budget Dollars Make Sense78
Estimated Revenues and Appropriations79
Estimated Revenues, Revenues, and the Revenue Ledger89
Encumbrances, Reserve for Encumbrances, and Expenditures92
Summary100
5End of a Year: Closing Entries104
Closing Temporary Accounts105
Outstanding Encumbrances in Subsequent Year111
Review of the Fund Accounting Cycle114
Summary115
AppendixClosing Accounts with Outstanding Encumbrances118
Part 2Accounting for the Major Fund Groups121
6Introduction to the Twin Funds: The General and Special Revenue Funds123
The Financial Statements124
Combined Statement of Revenues, Expenditures, and Changes in Fund Balances125
The Balance Sheet127
Statement of Revenues, Expenditures, and Changes in Fund Balance--Budget and Actual132
Notes to the Financial Statements134
Summary141
AppendixUsing the Accrual Method142
7The General Fund and Special Revenue Fund with Journal Entries150
Allotments150
The General Fund152
Special Revenue--State Grant Program169
Summary171
AppendixThe Financial Statements172
8The Capital Projects Fund and the General Fixed Assets Account Group178
The Capital Projects Fund179
General Fixed Assets Account Group190
Summary202
9Endowment and Agency Funds206
The Trust Fund: An Overview207
Trust Fund Financial Statements209
Typical Entries for Trust Funds220
Investment Pools228
Agency Funds231
Summary233
10Combined Financial Statements and Analysis of the Results of Performance235
Combined Financial Statements237
Analysis of the Financial Statements253
Financial Ratio Analysis254
Performance Ratio Analysis261
Summary270
Answers to the Exercises273
Glossary303
Index315

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