Introduction to Governmental and Not-for-Profit Accounting / Edition 7

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Overview

Covering the essentials of fund accounting, this flexible book introduces the reader to the basic accounting principles at work in both governmental and not-for-profit organizations.
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Product Details

  • ISBN-13: 9780132776011
  • Publisher: Prentice Hall
  • Publication date: 8/23/2012
  • Edition description: New Edition
  • Edition number: 7
  • Pages: 656
  • Sales rank: 413,296
  • Product dimensions: 7.20 (w) x 9.20 (h) x 1.10 (d)

Meet the Author

Martin Ives, MBA, CPA, CGFM, CIA, serves as the Distinguished Adjunct Professor of Public Administration at New York University's Wagner Graduate School of Public Service. Before entering the academic world, Ives was Vice Chair and Director of Research of the Governmental Accounting Standards Board, a member of the Federal Accounting Standards Advisory Board, First Deputy Comptroller of the City of New York, and Deputy Comptroller of the State of New York.

In addition to this text, Professor Ives has co-authored three books (Program Control and Audit, Financial Condition Analysis and Management, and Government Performance Audit in Action). He has also written chapters for audit and municipal finance handbooks, has authored more than 25 articles for the Government Accountants Journal, the Journal of Accountancy, the Internal Auditor, and other professional journals. In addition, he has spoken to numerous professional and civic organizations. He was founding president of the Albany chapter of the Institute of Internal Auditors and served on the governing boards of several other professional organizations.

Ives has received many honors and awards including the Public Service Award (Fund for the City of New York), the Governor Charles Evans Hughes Award (Capitol District chapter of the American Society for Public Administration), and the S. Kenneth Howard Award (Association for Budgeting and Financial Management). He has also been voted Adjunct of the Year by the students at NYU's Wagner Graduate School.

Joseph R. Razek, Ph.D., CPA (inactive), CGFM, is the Energy Accounting and Tax Conference Professorof Accounting at the University of New Orleans. A graduate of Ohio Wesleyan University, he received his master's of business administration from the University of Michigan and his doctorate from the University of Illinois. He is a certified public accountant and a certified government financial manager and has consulted for many governmental and not-for-profit organizations.

Dr. Razek has published articles in the Accounting Review, Government Accountants Journal, Accounting Historians Journal, Nonprofit World and other professional journals. He has also co-authored many chapters in governmental accounting handbooks, as well as a textbook on managerial accounting. Cited by his students as a dedicated and innovative teacher, Dr. Razek has received several teaching awards. He currently teaches courses in governmental and not-for-profit accounting and health care accounting at both the graduate and undergraduate level and is a member of the Louisiana Society of CPAs Health Care Task Force.

Gordon A. Hosch, Ph.D., CPA, CGFM, received his bachelor's degree from the University of New Orleans, a master's degree from the University of Arkansas, and his doctorate in accounting from Louisiana State University in Baton Rouge. He has served as chairman of the Department of Accountancy and is currently the KPMG Professor of Accounting and Graduate Programs Coordinator in Accounting at the University of New Orleans. He has public accounting experience with Peat, Marwick, Mitchell & Co. (now KPMG) and has served as a faculty intern with the Department of Agriculture's National Finance Center.

Dr. Hosch is a member of the Louisiana Society of CPAs Governmental Accounting and Auditing Committee. He has made presentations to various organizations including the American Society of Women Accountants, the American Software Users Group, the U.S. Navy, and the Internal Revenue Service. He received the Educator of the Year Award from the Louisiana Society of CPAs as well as numerous teaching awards, including the University of New Orleans College of Business Outstanding Alumnus Award. His publications have appeared in the Governmental Accountants Journal and other journals. In addition, he has

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Table of Contents

Chapter 1: Governmental and Not-for-Profit Accounting Environment and Characteristics

Chapter 2: The Use of Funds in Governmental Accounting

Chapter 3: Budgetary Considerations in Governmental Accounting

Chapter 4: The Governmental Fund Accounting Cycle : An Introduction to General and Special Revenue Funds

Chapter 5: The Governmental Fund Accounting Cycle: General and Special Revenue Funds (Continued)

Chapter 6: The Governmental Fund Accounting Cycle: Capital Projects Funds, Debt Service Funds, and Permanent Funds

Chapter 7: The Governmental Fund Accounting Cycle: Proprietary-Type Funds

Chapter 8: The Governmental Fund Accounting Cycle: Fiduciary Funds

Chapter 9: Reporting Principles and Preparation of Fund Financial Statements

Chapter 10: Government-Wide Financial Statements

Chapter 11: Federal Government Accounting and Reporting

Chapter 12: Accounting for Not-For-Profit Organizations

Chapter 13: Accounting for Health Care Organizations

Chapter 14: Analysis of Financial Statements and Financial Condition

Chapter 15: Fundamentals of Accounting

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Preface

This basic-level text on governmental and not-for-profit accounting has been updated to incorporate the recent changes in accounting standards. These new standards (such as GASB Statement No. 34) are presented in "plain English" and reinforced with illustrations drawn from financial statements issued by governments that have implemented the new standards earlier than required. To emphasize the practical, the application of "debits and credits" has been supplemented with a new chapter on financial statement analysis and with new examples in the feature called Financial Reporting in Practice.

This text is organized to permit its use by different types of readers. For example, people interested only in accounting for state and local governments can skip the chapters on the federal government, not-for-profit organizations, and health care entities. People interested only in not-for-profit hospitals can concentrate on the not-for-profit organization, health care entities, and financial statement analysis chapters. Public administration students who have not had a course in basic accounting should start with the chapter on the fundamentals of accounting and draw selectively on the governmental, not-for-profit, health care, and financial statement analysis chapters.

Consistent with its focus on flexibility, this text offers the opportunity to work questions and cases, exercises, and problems at the end of each chapter to students who want to emphasize the accumulation, reporting, and analysis of financial information. On the other hand, students interested in a more conceptual approach can avoid the presentation of detailed journal entries and financialstatements by concentrating on the conceptual and analytical aspects of the text, questions, cases, exercises, and problems.

To make this text even more flexible, we divided most of the chapters into independent modules, which can be covered as separate units. Thus a section or two may be assigned for a particular class meeting, while an entire chapter may be assigned for another meeting.

Because of its built-in flexibility, this text can be used by the following groups:

  1. Accounting majors who wish to learn the fundamentals of governmental and not-for profit accounting in less than a full semester.
  2. Accounting majors who desire a full semester course on governmental and not-for profit accounting.
  3. Nonaccounting majors (e.g., students in public administration programs) who desire a basic understanding of general, governmental, not-for-profit, and health care accounting, financial reporting, and financial statement analysis.
  4. Persons employed by governmental and not-for-profit organizations, including the federal government, health care entities, colleges and universities, and voluntary health and welfare organizations.
  5. Persons preparing for civil service examinations.
  6. Persons preparing for the Uniform Certified Public Accountant (CPA) and the Certified Government Financial Manager (CGFM) examinations.
  7. Persons who wish, on their own, to learn about the accounting and reporting practices of governmental and not-for-profit organizations.

NEW FEATURES OF THIS EDITION

Coverage of GASB Statement No. 34

GASB Statement No. 34 (Basic Financial Statements—and Management's Discussion and Analysis-for State and Local Governments) was newly issued when the previous edition of this text was published. Because of its long implementation period—some aspects of GASB Statement No. 34 are still in the implementation process-the previous edition emphasized earlier standards. This edition, however, contains significant changes to fully incorporate the requirements of GASB Statement No. 34.

To simplify presentation of the major changes brought about by GASB Statement No. 34, we deliberately separated accounting within the funds from financial reporting. We made this distinction because the current financial resources measurement focus and modified accrual basis of accounting continue to be used to account within the governmental-type funds and for fund-level financial reporting. As a result, the changes to Chapters 4 through 8 (which cover fund accounting) are limited to those concerned with the way accounting data is accumulated and reported at the fund level. The new fund types introduced in GASB Statement No. 34 are discussed in Chapters 5 and 8.

Because the major changes brought about by GASB Statement No. 34 concern financial reporting, this edition discusses financial reporting in two chapters. Chapter 9 covers financial reporting in general, fund-level financial reporting, and management's discussion and analysis. Chapter 10 covers the adjustments needed to present consolidated government-wide financial statements on the economic resources measurement focus and accrual basis of accounting, as well as actual government-wide financial statements. To illustrate the new financial reporting requirements, we made extensive use of financial statements prepared by the Village of Grafton, Wisconsin, an early implementer of GASB Statement No. 34 and recipient of several awards for excellence in financial reporting.

Chapter on Financial Statement Analysis

Accounting and public administration students need to understand not only how accounting information is gathered and reported, but also how it is used. We introduced financial statement analysis in the previous edition and felt that the subject was sufficiently important to warrant a full chapter in this edition. Chapter 14 begins with a discussion of financial statement analysis indicators that are generally applicable to governmental, not-for-profit hospital, and other not-for-profit organizations. It then illustrates the calculation of the indicators for a not-for-profit hospital and a government. The governmental illustration uses the same financial statements shown in Chapters 9 and 10 for the Village of Grafton, Wisconsin, and contains excerpts from the report prepared by a bond-rating agency in connection with the long-term bonds issued by Grafton.

Continuous Problems

For those who like to reinforce the discussion of accounting principles with problems that carry throughout the text, we added two new "continuing problems." One problem, called Bacchus City, is designed to emphasize fund accounting. It starts at the end of Chapter 2, carries through budgeting in Chapter 3, and covers fund-level accounting and financial reporting in Chapters 5 through 8. The other, called CoCo City, is designed to emphasize the new financial reporting model. It is presented at the end of Chapters 9 and 10, and is developed so that portions of it can be assigned with Chapters 2, 4, 5, 6, 7, 9, and 10.

Other Features and Changes

All chapters of this text incorporate significant changes in accounting and financial reporting standards issued by the Governmental Accounting Standards Board, the Financial Accounting Standards Board, and the Federal Accounting Standards Advisory Board since preparation of the previous edition. In updating the text, we also considered the material in the relevant AICPA Audit and Accounting Guides and the GASB Implementation Guides.

In addition, we added current illustrations of accounting and financial reporting issues, simplified and clarified the material wherever possible, and updated the questions, exercises, and problems. Notice, for example, the coverage of the new fund types in Chapters 5 and 8; New York City's financial reporting on the 9/11 disaster in Chapter 9; social security reporting in Chapter 11; and the expanded discussion of investment accounting in Chapter 13.

The recent revelations of significant fraudulent financial reporting in the private sector should provoke discussion of ethical issues in governmental and not-for-profit financial reporting. We continue to present ethics cases at the end of several chapters, adding a new ethics case involving preparation of management's discussion and analysis required by GASB Statement No. 34. Many chapters also contain minicases that present the reader with issues requiring judgment and provide a vehicle for class discussion.

To provide room for the additional materials on governmental financial reporting, the new chapter on financial statement analysis, and the expansion of several other chapters, we now cover college and university accounting in an appendix to Chapter 12 (not-for-profit accounting), rather than in a separate chapter. Recent changes in accounting and reporting standards place college and university accounting in the realm of applications of not-for-profit and governmental accounting standards, rather than as an industry subject to special standards. Not-for-profit colleges and universities are required to apply the FASB's standards on not-for-profit accounting, covered in Chapter 12. GASB Statement No. 35 (Basic Financial Statements—and Management's Discussion and Analysis—Public Colleges and Universities) brings governmental colleges and universities within the scope of GASB Statement No. 34. Based on how they are financed, most governmental colleges and universities likely will use enterprise fund accounting (covered in Chapter 7), and others will use governmental fund accounting (covered in Chapters 4 through 6).

We left in the chapter on governmental budgeting. Balanced budgets are discussed and excerpts from the law of one state are included. Readers can follow a complete set of illustrations to prepare a budget and a control report for a governmental unit. The problems in this chapter form a case, permitting readers to prepare a complete budget using individual problem materials. They are set up as a computer project, with additional data and "what-ifs," which, along with a template, are available to adopters. The chapter on fundamentals of accounting also remains in this edition to make the text more readily adaptable for teaching public administration and other non-accounting majors.

Ancillary Package

To assist you in the classroom the following supplements accompany this text:

Instructor's Resource CD-ROM: This CD contains both the Solutions Manual and the Test Item File.

Companion Website: As a new feature with this edition, students and professors can access the Web site at . The Test Item File and the Solutions Manual are password protected and available to faculty only. Contact your Prentice Hall representative to obtain a password. Student and faculty can view Author Updates, Selected Appendices, and Links to Pertinent Web sites.

Read More Show Less

Introduction

This basic-level text on governmental and not-for-profit accounting has been updated to incorporate the recent changes in accounting standards. These new standards (such as GASB Statement No. 34) are presented in "plain English" and reinforced with illustrations drawn from financial statements issued by governments that have implemented the new standards earlier than required. To emphasize the practical, the application of "debits and credits" has been supplemented with a new chapter on financial statement analysis and with new examples in the feature called Financial Reporting in Practice.

This text is organized to permit its use by different types of readers. For example, people interested only in accounting for state and local governments can skip the chapters on the federal government, not-for-profit organizations, and health care entities. People interested only in not-for-profit hospitals can concentrate on the not-for-profit organization, health care entities, and financial statement analysis chapters. Public administration students who have not had a course in basic accounting should start with the chapter on the fundamentals of accounting and draw selectively on the governmental, not-for-profit, health care, and financial statement analysis chapters.

Consistent with its focus on flexibility, this text offers the opportunity to work questions and cases, exercises, and problems at the end of each chapter to students who want to emphasize the accumulation, reporting, and analysis of financial information. On the other hand, students interested in a more conceptual approach can avoid the presentation of detailed journal entries and financialstatements by concentrating on the conceptual and analytical aspects of the text, questions, cases, exercises, and problems.

To make this text even more flexible, we divided most of the chapters into independent modules, which can be covered as separate units. Thus a section or two may be assigned for a particular class meeting, while an entire chapter may be assigned for another meeting.

Because of its built-in flexibility, this text can be used by the following groups:

  1. Accounting majors who wish to learn the fundamentals of governmental and not-for profit accounting in less than a full semester.
  2. Accounting majors who desire a full semester course on governmental and not-for profit accounting.
  3. Nonaccounting majors (e.g., students in public administration programs) who desire a basic understanding of general, governmental, not-for-profit, and health care accounting, financial reporting, and financial statement analysis.
  4. Persons employed by governmental and not-for-profit organizations, including the federal government, health care entities, colleges and universities, and voluntary health and welfare organizations.
  5. Persons preparing for civil service examinations.
  6. Persons preparing for the Uniform Certified Public Accountant (CPA) and the Certified Government Financial Manager (CGFM) examinations.
  7. Persons who wish, on their own, to learn about the accounting and reporting practices of governmental and not-for-profit organizations.

NEW FEATURES OF THIS EDITION

Coverage of GASB Statement No. 34

GASB Statement No. 34 (Basic Financial Statements—and Management's Discussion and Analysis-for State and Local Governments) was newly issued when the previous edition of this text was published. Because of its long implementation period—some aspects of GASB Statement No. 34 are still in the implementation process-the previous edition emphasized earlier standards. This edition, however, contains significant changes to fully incorporate the requirements of GASB Statement No. 34.

To simplify presentation of the major changes brought about by GASB Statement No. 34, we deliberately separated accounting within the funds from financial reporting. We made this distinction because the current financial resources measurement focus and modified accrual basis of accounting continue to be used to account within the governmental-type funds and for fund-level financial reporting. As a result, the changes to Chapters 4 through 8 (which cover fund accounting) are limited to those concerned with the way accounting data is accumulated and reported at the fund level. The new fund types introduced in GASB Statement No. 34 are discussed in Chapters 5 and 8.

Because the major changes brought about by GASB Statement No. 34 concern financial reporting, this edition discusses financial reporting in two chapters. Chapter 9 covers financial reporting in general, fund-level financial reporting, and management's discussion and analysis. Chapter 10 covers the adjustments needed to present consolidated government-wide financial statements on the economic resources measurement focus and accrual basis of accounting, as well as actual government-wide financial statements. To illustrate the new financial reporting requirements, we made extensive use of financial statements prepared by the Village of Grafton, Wisconsin, an early implementer of GASB Statement No. 34 and recipient of several awards for excellence in financial reporting.

Chapter on Financial Statement Analysis

Accounting and public administration students need to understand not only how accounting information is gathered and reported, but also how it is used. We introduced financial statement analysis in the previous edition and felt that the subject was sufficiently important to warrant a full chapter in this edition. Chapter 14 begins with a discussion of financial statement analysis indicators that are generally applicable to governmental, not-for-profit hospital, and other not-for-profit organizations. It then illustrates the calculation of the indicators for a not-for-profit hospital and a government. The governmental illustration uses the same financial statements shown in Chapters 9 and 10 for the Village of Grafton, Wisconsin, and contains excerpts from the report prepared by a bond-rating agency in connection with the long-term bonds issued by Grafton.

Continuous Problems

For those who like to reinforce the discussion of accounting principles with problems that carry throughout the text, we added two new "continuing problems." One problem, called Bacchus City, is designed to emphasize fund accounting. It starts at the end of Chapter 2, carries through budgeting in Chapter 3, and covers fund-level accounting and financial reporting in Chapters 5 through 8. The other, called CoCo City, is designed to emphasize the new financial reporting model. It is presented at the end of Chapters 9 and 10, and is developed so that portions of it can be assigned with Chapters 2, 4, 5, 6, 7, 9, and 10.

Other Features and Changes

All chapters of this text incorporate significant changes in accounting and financial reporting standards issued by the Governmental Accounting Standards Board, the Financial Accounting Standards Board, and the Federal Accounting Standards Advisory Board since preparation of the previous edition. In updating the text, we also considered the material in the relevant AICPA Audit and Accounting Guides and the GASB Implementation Guides.

In addition, we added current illustrations of accounting and financial reporting issues, simplified and clarified the material wherever possible, and updated the questions, exercises, and problems. Notice, for example, the coverage of the new fund types in Chapters 5 and 8; New York City's financial reporting on the 9/11 disaster in Chapter 9; social security reporting in Chapter 11; and the expanded discussion of investment accounting in Chapter 13.

The recent revelations of significant fraudulent financial reporting in the private sector should provoke discussion of ethical issues in governmental and not-for-profit financial reporting. We continue to present ethics cases at the end of several chapters, adding a new ethics case involving preparation of management's discussion and analysis required by GASB Statement No. 34. Many chapters also contain minicases that present the reader with issues requiring judgment and provide a vehicle for class discussion.

To provide room for the additional materials on governmental financial reporting, the new chapter on financial statement analysis, and the expansion of several other chapters, we now cover college and university accounting in an appendix to Chapter 12 (not-for-profit accounting), rather than in a separate chapter. Recent changes in accounting and reporting standards place college and university accounting in the realm of applications of not-for-profit and governmental accounting standards, rather than as an industry subject to special standards. Not-for-profit colleges and universities are required to apply the FASB's standards on not-for-profit accounting, covered in Chapter 12. GASB Statement No. 35 (Basic Financial Statements—and Management's Discussion and Analysis—Public Colleges and Universities) brings governmental colleges and universities within the scope of GASB Statement No. 34. Based on how they are financed, most governmental colleges and universities likely will use enterprise fund accounting (covered in Chapter 7), and others will use governmental fund accounting (covered in Chapters 4 through 6).

We left in the chapter on governmental budgeting. Balanced budgets are discussed and excerpts from the law of one state are included. Readers can follow a complete set of illustrations to prepare a budget and a control report for a governmental unit. The problems in this chapter form a case, permitting readers to prepare a complete budget using individual problem materials. They are set up as a computer project, with additional data and "what-ifs," which, along with a template, are available to adopters. The chapter on fundamentals of accounting also remains in this edition to make the text more readily adaptable for teaching public administration and other non-accounting majors.

Ancillary Package

To assist you in the classroom the following supplements accompany this text:

Instructor's Resource CD-ROM: This CD contains both the Solutions Manual and the Test Item File.

Read More Show Less

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