... Enhancer
iii
Preface
Thank you for considering the tenth edition of Essentials of Accounting for Governmen-
tal and Not -for- Profit Organizations . The tenth edition is updated for recent changes
including:
... One
INTRODUCTION TO
ACCOUNTING
AND FINANCIAL
REPORTING FOR
GOVERNMENTAL
AND NOT -FOR- PROFIT
ORGANIZATIONS 1
Generally Accepted Accounting
P...
... 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 ... and revenues from business
licenses were $137,202. Expenditures were $499,200 for general gov-
ernment, $131,345 for parks and recreation, $91,600 for sanitat...
... Fish and Game
Fund . By legislation, revenue in this fund can be used only for the purpose of
protection, propagation, and restoration of sport fish and game resources and
the expenses of administering ... Enhancer
Accounting for the General and Special Revenue Funds 101
Accrual of Interest and Penalties
Delinquent taxes are subject to interest and penalties...
... 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 ... Governments must assume the
cost of closure, including the cost of equipment used, the cost of the landfill cover,
and the cost of caring for the site for a perio...
... 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 ... liabilities and fund balances $2,148,640 $1,621,230
CITY OF SHENANDOAH
Statement of Revenues, Expenditures and Changes
in Fund Balances Governmental Funds
For the Yea...
... private, not -for- profit, governmental, or commer-
cial (for- profit). Private, not -for- profit, and commercial health care entities have
Category A GAAP established by the Financial Accounting Standards ... in the Not -for- Profit Guide as illus-
trated in Chapter 10 of this text. The Health Care Guide calls these organizations
Not -for- Profit Nonbusiness-Oriented Organizatio...
... of not -for- profit organizations.
Now we will focus on the use of financial and nonfinancial information in evaluat-
ing the performance and financial position of not -for- profit organizations and ... management of the organization under audit.
Frequently state and local governments and not -for- profit organizations receive
funding under a variety of federal pr...
... 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...
... and Audit Guide: Not -for- Profit
Organizations, 337, 363
Audit and Accounting Guide: Health Care
Organizations, 273
Audit and Accounting Guide: Not -for- Profit
Organizations, 6
Audit and ... provides guidance for
state and local governmental units.
statement of activities (not -for- profit account-
ing)
One of the three statements required for
not -for...
... 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 ... $91,600 for sanitation, and
$157 ,333 for streets and sidewalks. There are no outstanding encum-
brances at year-end.
1. Prepare a budgetary comparison sched...