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For undergraduate and graduate Accounting courses such as Governmental Accounting, Public Sector Accounting, Government and Nonprofit Accounting, and Fund Accounting. Governmental and Nonprofit Accounting 8/e provides a thorough basis for understanding the logic behind and nature of all the funds and nonfund accounts associated with governments. Its unique 4-Step Pedagogical approach allows students to fully grasp the accounting and reporting framework necessary before focusing on deriving the new government-wide financial statements.

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• Preface(p. xxi)
• Chapter 1 Governmental and Nonprofit Accounting: Environment and Characteristics(p. 1)
• Learning Objectives(p. 1)
• Characteristics and Types of G&NP Organizations(p. 2)
• G&NP Sector Significance(p. 3)
• The G&NP Environment(p. 3)
• Objectives of G&NP Accounting and Financial Reporting(p. 6)
• Authoritative Sources of G&NP Accounting Principles and Reporting Standards(p. 7)
• Separate Principles Established(p. 8)
• AICPA Audit Guides(p. 8)
• The FASB(p. 9)
• FASB-GASB Jurisdictions(p. 9)
• "Government" Defined(p. 10)
• The GASB(p. 11)
• GAAP Hierarchies(p. 13)
• Concepts and Objectives of SLG Accounting and Financial Reporting(p. 14)
• Governmental-Type Activities(p. 15)
• Financial Report Users(p. 19)
• Financial Report Uses(p. 20)
• Business-Type Activities(p. 20)
• Users and Uses of Financial Reports(p. 22)
• Financial Reporting Objectives(p. 22)
• Characteristics of SLG Accounting and Financial Reporting(p. 23)
• Fund Accounting(p. 23)
• Budgets and Appropriations(p. 24)
• Other Distinguishing Characteristics(p. 26)
• Commercial Accounting Comparison(p. 26)
• Concluding Comments(p. 27)
• Appendix 1-1 Evolution of Accounting Principles and Standards-Prior to the GASB(p. 27)
• Initial Evolution (1900-1933)(p. 27)
• National Committees on Municipal and Governmental Accounting (1934-1974)(p. 28)
• National Council on Governmental Accounting (1974-1984)(p. 29)
• Chapter 2 State and Local Government Accounting Principles(p. 34)
• Learning Objectives(p. 34)
• Overview of the GASB Financial Reporting Model(p. 35)
• The GASB Principles(p. 37)
• Accounting System Capabilities(p. 39)
• Fund Accounting(p. 40)
• Transaction Analysis(p. 49)
• Nonfund Accounts(p. 51)
• MFBA(p. 53)
• Classification and Terminology(p. 55)
• Annual Financial Reporting(p. 58)
• Concluding Comments(p. 63)
• Chapter 3 Budgeting, Budgetary Accounting, and Budgetary Reporting(p. 72)
• Learning Objectives(p. 72)
• Budgetary Planning, Control, and Evaluation(p. 74)
• Planning(p. 74)
• Control(p. 74)
• Evaluation(p. 75)
• Basic Budgetary Terminology(p. 75)
• Capital vs. Current Budgets(p. 75)
• Tentative vs. Enacted Budgets(p. 75)
• General vs. Special Budgets(p. 77)
• Fixed vs. Flexible Budgets(p. 77)
• Executive vs. Legislative Budgets(p. 77)
• Budgetary Approaches and Emphases(p. 77)
• The Budget as Information(p. 77)
• Recommended Budgeting Practices(p. 78)
• Illustrative Budget Comparison Statement(p. 78)
• Budget Preparation(p. 79)
• Overview(p. 80)
• Preliminary Estimates(p. 80)
• Preparing the Budget(p. 81)
• Legislative Consideration and Action(p. 86)
• Budget Execution(p. 87)
• Budgetary Accounting Overview(p. 88)
• General Ledger(p. 88)
• Subsidiary Ledgers(p. 88)
• Budgetary Reporting Overview(p. 93)
• The Budgetary Basis(p. 93)
• Interim Budgetary Statements(p. 94)
• Annual Budgetary Comparisons(p. 96)
• Concluding Comments(p. 97)
• Appendix 3-1 Alternative Expenditure Budgeting Approaches(p. 98)
• The Object-of-Expenditure Approach(p. 98)
• The Performance Approach(p. 100)
• The Program and Planning-Programming-Budgeting (PPB) Approaches(p. 102)
• The Zero-Base Budgeting Approach(p. 104)
• In Sum(p. 105)
• Selecting an Appropriate Approach(p. 106)
• Chapter 4 The General Fund and Special Revenue Funds(p. 112)
• Learning Objectives(p. 112)
• General Fund Accounting-Illustrative Example(p. 115)
• Entries During 20X1(p. 116)
• Year-End Adjustments(p. 126)
• Preclosing Trial Balances(p. 126)
• Illustrative Example Worksheets(p. 126)
• 20X1 Closing Entries(p. 127)
• Closing Entry Approaches(p. 129)
• Reserve for Encumbrances(p. 131)
• Budgetary Fund Balance(p. 132)
• Postclosing Trial Balance(p. 133)
• Balance Sheets(p. 133)
• Interim Balance Sheet(p. 133)
• Year-End Balance Sheet(p. 134)
• Fund Balance(p. 135)
• Fund Balance Reserves(p. 136)
• Unreserved Fund Balance(p. 138)
• Fund Balance Designations(p. 139)
• Interfund Receivables and Payables(p. 139)
• Capital Assets and Long-Term Liabilities(p. 139)
• Statement of Revenues, Expenditures, and Changes in Fund Balances(p. 140)
• Total Fund Balance(p. 140)
• Restatements(p. 141)
• Extraordinary and Special Items(p. 142)
• Budget Comparison Schedule or Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual(p. 142)
• Entries During 20X2(p. 143)
• Combining Special Revenue Fund Statements(p. 145)
• Alternative Account Structure and Entries(p. 145)
• Concluding Comments(p. 148)
• Appendix 4-1 General Ledger Worksheet and Subsidiary Ledgers(p. 149)
• Chapter 5 Revenue Accounting-Governmental Funds(p. 169)
• Learning Objectives(p. 169)
• Revenue Definition and Recognition(p. 170)
• Classification of Revenue Accounts(p. 175)
• General Fund Revenues(p. 175)
• Other Governmental Funds Revenues(p. 175)
• Governmental Unit Revenues(p. 175)
• Taxes(p. 176)
• Taxpayer-Assessed Taxes(p. 176)
• Property Taxes(p. 178)
• Property Tax Statements/Schedules(p. 186)
• Licenses and Permits(p. 186)
• Intergovernmental Revenues(p. 187)
• Intergovernmental Revenue Classifications(p. 187)
• Intergovernmental Revenue Accounting(p. 188)
• Charges for Services(p. 192)
• Interfund Services vs. Reimbursements(p. 192)
• Charges for Services(p. 192)
• Fines and Forfeits(p. 194)
• Miscellaneous Revenues(p. 195)
• Investment Earnings(p. 195)
• Capital Asset Sales/Losses(p. 198)
• PILOTs(p. 199)
• Escheats(p. 199)
• Private Contributions(p. 199)
• Revenue Budget Revisions(p. 199)
• Revenue Reporting: GAAP vs. Budgetary(p. 200)
• Changes in Accounting Principles(p. 200)
• New GASB Standards(p. 203)
• Prospective Application(p. 203)
• Retroactive Application(p. 203)
• Error Correction(p. 203)
• Concluding Comments(p. 204)
• Chapter 6 Expenditure Accounting-Governmental Funds(p. 216)
• Learning Objectives(p. 216)
• Expenditure Definition and Recognition(p. 217)
• Capital Outlay Expenditures(p. 219)
• Debt Service Expenditures(p. 219)
• Intergovernmental Expenditures(p. 219)
• Current Operating Expenditures(p. 221)
• Inventories and Prepayments(p. 221)
• Expenditure Accounting Controls(p. 221)
• Expenditure Accounting Procedures(p. 221)
• Personal Services(p. 222)
• Materials and Supplies(p. 223)
• Other Services and Charges(p. 228)
• Classification of Expenditures(p. 232)
• Accounting for Allocations and Allotments(p. 233)
• Appropriations Revisions(p. 234)
• Adjusting Entries(p. 235)
• Encumbrances(p. 236)
• Debt Service(p. 236)
• Claims and Judgments(p. 237)
• Compensated Absences(p. 240)
• Pension/OPEB Plan Contributions(p. 241)
• Expenditure Reporting: GAAP vs. Budgetary(p. 242)
• Changes in Accounting Principles(p. 243)
• Alternative Principles(p. 243)
• New GASB Standards(p. 247)
• Error Correction(p. 247)
• Concluding Comments(p. 247)
• Appendix 6-1 Classification of Expenditures(p. 248)
• Classification by Function or Program(p. 248)
• Classification by Organization Unit(p. 249)
• Classification by Activity(p. 250)
• Classification by Character(p. 251)
• Classification by Object Classes(p. 252)
• Chapter 7 Capital Projects Funds(p. 265)
• Learning Objectives(p. 265)
• Capital Projects Fund Operations and Accounting Standards(p. 267)
• CPF Financial Resources(p. 267)
• Number of Funds(p. 267)
• CPF Life Cycle(p. 269)
• The Budget(p. 271)
• General-Subsidiary Ledgers(p. 271)
• Interim Financing(p. 271)
• Project Costs(p. 273)
• Intergovernmental Revenues(p. 275)
• Recording Bond Issues(p. 275)
• Capital Projects Fund-Case Illustration Begun, 20X1(p. 275)
• General Ledger Entries(p. 276)
• Budgetary Entry(p. 276)
• Transaction/Event Entries(p. 277)
• General Ledger Worksheet(s)(p. 279)
• Preclosing Trial Balance(p. 279)
• Closing Entries(p. 279)
• Financial Statements(p. 282)
• Capital Projects Fund-Case Illustration Concluded, 20X2(p. 284)
• 20X1 Accounts Closed(p. 284)
• Case Illustration Assumptions(p. 285)
• 20X2 Entries(p. 285)
• General Ledger Worksheet(p. 287)
• 20X2 Financial Statements(p. 287)
• Other Capital Projects Fund Operations, Accounting, and Reporting Matters(p. 289)
• Bond Anticipation Notes (BANs)(p. 290)
• Investments and Arbitrage(p. 292)
• Remaining Fund Balance(p. 292)
• Reporting Multiple Projects(p. 292)
• Combining CPF Statements(p. 293)
• Concluding Comments(p. 293)
• Appendix 7-1 General Ledger Worksheet and Subsidiary Ledgers(p. 293)
• Chapter 8 Debt Service Funds(p. 307)
• Learning Objectives(p. 307)
• Debt Service Fund Environment, Financing, and Expenditure Recognition(p. 308)
• Long-Term Liabilities(p. 309)
• Fixed vs. Variable Rates(p. 310)
• Debt Service Payments(p. 310)
• Bonds and Fiscal Agents(p. 310)
• Required DSF Reserves(p. 311)
• Bond Ratings(p. 311)
• Bond Insurance(p. 311)
• Sources of Financing(p. 312)
• DSF Investments(p. 312)
• DSF Expenditure Recognition(p. 312)
• Debt Service Fund for a Serial Bond Issue: Case Illustration(p. 313)
• Illustrative Entries(p. 314)
• Financial Statements(p. 316)
• Special Assessment Debt Service Funds(p. 316)
• Illustrative Entries(p. 318)
• Illustrative Financial Statements(p. 320)
• Other Conventional Debt Service Fund Considerations(p. 321)
• Nonaccrual of Interest(p. 321)
• Combining Balance Sheet(p. 321)
• Combining Operating Statement(p. 321)
• Multiple Bond Issues(p. 321)
• Debt Service Fund for a Term Bond Issue(p. 321)
• Sinking Fund Requirements(p. 323)
• Debt Service Funds for Deep Discount Issues(p. 324)
• Refundings(p. 325)
• Reasons for Refundings(p. 325)
• Refundings Defined(p. 326)
• Defeasance of Debt(p. 326)
• Debt Service Funds for Refundings(p. 328)
• Current Refunding(p. 329)
• Advance Refunding(p. 329)
• Debt and Non-debt Financing(p. 330)
• Reporting Refundings(p. 330)
• Advance Refunding Disclosures(p. 332)
• Concluding Comments(p. 334)
• Chapter 9 General Capital Assets; General Long-Term Liabilities; Permanent Funds: Introduction to Interfund-GCA-GLTL Accounting(p. 345)
• Learning Objectives(p. 345)
• Overview of General Capital Assets and General Long-Term Liabilities Accounting Procedures(p. 346)
• General Capital Assets(p. 347)
• General Capital Assets Defined(p. 348)
• Initial Valuation(p. 348)
• Classification(p. 349)
• Infrastructure Assets(p. 349)
• Capitalization Policy(p. 350)
• Property Records(p. 351)
• Capital Assets Inventory(p. 353)
• Additions, Betterments, and Renewals(p. 353)
• Depreciation/Accumulated Depreciation(p. 353)
• Updating GCA Accounts(p. 355)
• Recording Depreciation(p. 358)
• Sale, Replacement, or Retirement(p. 359)
• Intragovernmental Transactions(p. 360)
• Damage or Destruction(p. 362)
• Impairment(p. 362)
• Insurance Recoveries(p. 365)
• Reporting and Disclosures(p. 366)
• General Long-Term Liabilities(p. 366)
• CPF-DSF-GLTL(p. 367)
• Serial Debt(p. 367)
• Special Assessment Debt(p. 369)
• Other Government Liabilities(p. 370)
• Interest-Related Adjustments(p. 372)
• Defaulted Bonds(p. 372)
• In-Substance Defeasance(p. 373)
• GLTL Records(p. 373)
• GLTL Reporting and Disclosures(p. 374)
• Permanent Funds(p. 375)
• Introduction to Interfund-GCA-GLTL Accounting(p. 377)
• Concluding Comments(p. 381)
• Chapter 10 Enterprise Funds(p. 394)
• Learning Objectives(p. 394)
• Common Characteristics and Principles of Proprietary Funds(p. 395)
• Accounting Equation(p. 395)
• Accounting Principles(p. 395)
• Financial Statements(p. 396)
• Enterprise Funds(p. 402)
• Enterprise Funds Defined(p. 403)
• Specific EF Topics(p. 405)
• EF Accounting Illustrated(p. 409)
• Combining Enterprise Fund Financial Statements(p. 425)
• Concluding Comments(p. 427)
• Chapter 11 Internal Service Funds(p. 442)
• Learning Objectives(p. 442)
• Overview of Accounting Principles(p. 443)
• Initial Establishment(p. 444)
• Pricing Policies(p. 446)
• Pricing Methods(p. 447)
• Relation to Budget(p. 448)
• Financial Statements(p. 448)
• Internal Service Fund Accounting Illustrated(p. 449)
• Automotive Equipment Unit(p. 449)
• Central Stores Fund(p. 454)
• Self-Insurance Fund(p. 456)
• Disposition of Increase or Decrease in Net Assets(p. 460)
• Changes in Net Asset Balance(p. 460)
• Dissolution of an Internal Service Fund(p. 461)
• Combining Internal Service Fund Financial Statements(p. 461)
• Concluding Comments(p. 461)
• Chapter 12 Trust and Agency (Fiduciary) Funds: Summary of Interfund-GCA-GLTL Accounting(p. 474)
• Learning Objectives(p. 474)
• The Accountability Focus(p. 476)
• Agency Funds(p. 476)
• Simpler Agency Funds(p. 477)
• Tax Agency Funds(p. 479)
• Special Assessment Agency Funds(p. 482)
• Trust Funds(p. 483)
• Private-Purpose Trusts(p. 484)
• Investment Trusts(p. 487)
• Pension Trusts(p. 487)
• Combining Trust and Agency Fund Financial Statements(p. 494)
• Additional Interfund-General Capital Asset-General Long-Term Liability Accounting Illustrations(p. 494)
• Concluding Comments(p. 500)
• Chapter 13 Financial Reporting: The Basic Financial Statements and Required Supplementary Information(p. 509)
• Learning Objectives(p. 509)
• Basic Financial Statements Overview(p. 512)
• Government-Wide Financial Statements(p. 513)
• Statement of Net Assets(p. 514)
• Statement of Activities(p. 515)
• Measurement Focus(p. 518)
• Reporting Expenses(p. 518)
• Program vs. General Revenues(p. 520)
• Internal Service Funds(p. 522)
• Infrastructure Capital Assets(p. 522)
• Fund Financial Statements(p. 524)
• Major Fund Reporting(p. 524)
• Fund-Based Financial Statements(p. 533)
• Note Disclosures(p. 536)
• Required Supplementary Information(p. 537)
• Management's Discussion and Analysis(p. 537)
• Other RSI(p. 537)
• Special Purpose Governments(p. 539)
• Concluding Comments(p. 539)
• Appendix 13-1 Illustrative Management's Discussion & Analysis(p. 539)
• State of Florida Management's Discussion and Analysis(p. 539)
• Chapter 14 Financial Reporting: Deriving Government-Wide Financial Statements and Required Reconciliations(p. 556)
• Learning Objectives(p. 556)
• Deriving Government-Wide Governmental Activities Data(p. 558)
• Deriving Government-Wide Financial Statement Data for Governmental Activities-A Worksheet-Based Illustration(p. 560)
• GCA-GLTL Related Adjustments(p. 563)
• Basis of Accounting Adjustments(p. 567)
• Eliminating Interfund Transactions(p. 569)
• Completing the Worksheet(p. 572)
• Government-Wide Financial Statements(p. 572)
• Required Reconciliations(p. 575)
• Additional Worksheet Adjustments(p. 577)
• Incorporating Internal Service Funds(p. 578)
• Deriving Government-Wide Business-Type Activities Data(p. 578)
• Concluding Comments(p. 582)
• Chapter 15 Financial Reporting: The Comprehensive Annual Financial Report and the Financial Reporting Entity(p. 596)
• Learning Objectives(p. 596)
• The Comprehensive Annual Financial Report(p. 597)
• The Introductory Section(p. 597)
• The Financial Section(p. 602)
• The Statistical Section(p. 605)
• Supplemental and Special Purpose Reporting(p. 609)
• Financial Reporting-Complex Entity Structure(p. 609)
• Reporting Entity Definition(p. 612)
• Reporting Entity Disclosures(p. 613)
• Integrating Component Units into the Reporting Entity(p. 616)
• Blending(p. 617)
• Discrete Presentation(p. 618)
• Other Issues(p. 619)
• Separate Issuance of Primary Government Financial Statements(p. 620)
• Related Organizations, Joint Ventures, and Jointly Governed Organizations(p. 620)
• Concluding Comments(p. 621)
• Chapter 16 Non-SLG Not-for-Profit Organizations: SFAS 116 and 117 Approach(p. 634)
• Learning Objectives(p. 634)
• Classification of Organizations(p. 636)
• Voluntary Health and Welfare Organizations(p. 636)
• Other Not-for-Profit Organizations(p. 637)
• Classes of Net Assets(p. 637)
• Non-GAAP Accounting and Reporting Requirements(p. 638)
• Basis of Accounting(p. 639)
• SFAS 117 Financial Statements(p. 640)
• Balance Sheet(p. 640)
• Statement of Activities(p. 642)
• Statement of Cash Flows(p. 649)
• Statement of Functional Expenses(p. 650)
• Nongovernment VHWO and ONPO Accounting and Reporting Illustration(p. 650)
• Transactions and Entries(p. 650)
• Illustrative Financial Statements(p. 657)
• Concluding Comments(p. 662)
• Chapter 17 Accounting for Colleges and Universities(p. 674)
• Learning Objectives(p. 674)
• Classification as "Engaged Only in Business-Type Activities"(p. 676)
• GAAP Reporting Requirements(p. 677)
• Balance Sheet(p. 678)
• Operating Statement(p. 679)
• Statement of Cash Flows(p. 684)
• Case Illustration-A Government University(p. 684)
• Other Resources(p. 689)
• Annuity and Life Income Gifts(p. 698)
• Annuity Gifts(p. 699)
• Life Income Gifts(p. 700)
• Colleges and Universities Engaged in Both Governmental and Business-Type Activities(p. 700)
• Nongovernment Not-for-Profit University Reporting(p. 701)
• Concluding Comments(p. 702)
• Chapter 18 Accounting for Health Care Organizations(p. 714)
• Learning Objectives(p. 714)
• Funds-Government Hospitals(p. 716)
• Basic Principles(p. 717)
• Unique Measurement and Display Features(p. 717)
• Distinguishing Primary Activities(p. 717)
• Classes of Revenues(p. 717)
• Gains(p. 720)
• Donations(p. 721)
• Expense Classification(p. 721)
• Restricted Assets(p. 722)
• Property, Plant, and Equipment(p. 722)
• Illustrative Case(p. 723)
• Summary of Transactions and Events(p. 723)
• Financial Statements(p. 731)
• Balance Sheets(p. 731)
• Operating Statement(p. 731)
• Statement of Cash Flows(p. 731)
• Nongovernment Not-for-Profit Hospital Reporting(p. 733)
• Concluding Comments(p. 737)
• Chapter 19 Federal Government Accounting(p. 746)
• Learning Objectives(p. 746)
• The Federal Financial Management Environment(p. 747)
• Financial Accounting Responsibilities(p. 747)
• Overview(p. 750)
• The Budgetary Process(p. 751)
• The Budget Cycle(p. 751)
• Exceeding Budget Authority(p. 753)
• Accounting Principles and Standards for Federal Agencies(p. 753)
• The Federal Model(p. 754)
• Standard General Ledger(p. 757)
• Federal Fund Structure(p. 759)
• Financial Reporting(p. 760)
• Federal Agency Accounting and Reporting Illustrated(p. 762)
• A Case Illustration(p. 762)
• Maintaining Budgetary Control(p. 763)
• Maintaining Proprietary Accounts(p. 766)
• Other Transactions and Entries(p. 766)
• Closing Entries(p. 770)
• Reporting(p. 771)
• Concluding Comments(p. 776)
• Chapter 20 Auditing Governments and Not-for-Profit Organizations(p. 782)
• Learning Objectives(p. 782)
• Overview(p. 783)
• What is an Audit?(p. 783)
• Classifications of Audits(p. 783)
• Management's Representations(p. 785)
• External Auditor Classifications(p. 785)
• The Audit Contract(p. 788)
• Auditing Standards(p. 788)
• AICPA Auditing Standards(p. 789)
• GAO Auditing Standards(p. 789)
• GAGAS Summary(p. 791)
• The Financial Audit(p. 791)
• Auditing Standards(p. 792)
• Audit Procedures(p. 793)
• The Audit Report(p. 793)
• The Single Audit(p. 795)
• Purposes(p. 795)
• Overview(p. 796)
• Applicability(p. 799)
• Definitions(p. 799)
• Auditee Responsibilities(p. 799)
• Auditor Responsibilities(p. 799)
• Auditing Guidance(p. 801)
• Major FFA Programs(p. 804)
• Findings & Questioned Costs(p. 808)
• Illegal Acts(p. 809)
• Subrecipients(p. 809)
• Auditor Reports-Single Audit(p. 810)
• Auditee Reporting Responsibilities(p. 811)
• Other Matters(p. 813)
• Concluding Comments(p. 813)
• Appendix 20-1 Glossary(p. 813)
• Appendix 20-2 Data Collection Form for Reporting on Audits of States, Local Governments, and Nonprofit Organizations(p. 815)