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ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT -FOR- PROFIT
ORGANIZATIONS, TENTH EDITION
Published by McGraw-Hill/Irwin, a business unit of ... TO
ACCOUNTING
AND FINANCIAL
REPORTING FOR
GOVERNMENTAL
AND NOT -FOR- PROFIT
ORGANIZATIONS 1
Generally Accepted Accounting
Principles 3
Objectives of Acc...
... categories of reserved and unreserved. The standard
affects only the equity section of the balance sheet of governmental funds. It does
not change the reporting of net assets of proprietary and fiduciary ... recreation, $91 ,60 0 for sanitation, and
$157,333 for streets and sidewalks. There are no outstanding encum-
brances at year-end.
1. Prepare a budgetary comp...
...
withholdings and $68 6,000 due to the federal government ($430,000 for federal
income tax withholdings and $2 56, 000 for the employees’ share of FICA and
Medicare taxes). Assuming the liability for net pay ... liable for the employer’s share of FICA tax and Medicare tax
($2 56, 000) and for contributions to additional retirement funds established by state
law (as...
... bottom of Illustration 2–11 for an ex-
ample). A similar requirement exists for cash flow statements prepared for com-
mercial businesses and private not -for- profit organizations.
Accounting for ... interfund premium of 6 percent of wages
and salaries is adequate.
6 11. The City of Evansville operated a summer camp program for at-risk youth.
Businesses and n...
... accrual accounting for debt, including accrual of
interest and amortization of debt discount and premium.
Colleges often issue tuition discounts and other forms of financial aid. Some of
this ...
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262 Chapter 8
Noncurrent assets
Land 7,230,000
Buildi...
... December 31 $ 5 ,61 5,000 $1,155,000 $1, 464 ,500 $ 968 ,000
STATEMENT OF NET ASSETS ABC Not -for- profit XYZ Not -for- profit
Current assets
Cash $ 105,000 $ 2 56, 000
Short-term investments 365 ,000 99,000 ... preparation of financial state-
ments by state and local governments and a variety of not -for- profit organizations.
Now we will focus on the use of financial...
... endowments.
net assets—unrestricted (governmental and
not -for- profit)
Used in accounting for govern-
mental and not -for- profit organizations indicating
that portion of net assets that is unrestricted. ... Audits of
Not -for- Profit Organizations, which provides guid-
ance for private-sector colleges and universities, vol-
untary health and welfare organizatio...
...
Organizations, 337, 363
Audit and Accounting Guide: Health Care
Organizations, 273
Audit and Accounting Guide: Not -for- Profit
Organizations, 6
Audit and Accounting Guide: State and Local
Governments, ... limitation, 366
Assigned fund balances, 60 , 104
Attestation engagements
activities, 388
types, 388
Audit and Accounting Guide: Not -for- Profit Or...
... section of the balance sheet of governmental funds. It does
not change the reporting of net assets of proprietary and fiduciary funds or the
government-wide Statement of Net Assets.
The new standard ... recreation, $91 ,60 0 for sanitation, and
$157,333 for streets and sidewalks. There are no outstanding encum-
brances at year-end.
1. Prepare a budgetary compariso...