CONTENTS

CHAPTER 1

THE GOVERNMENT AND NOT-FOR-PROFIT ENVIRONMENT

How Do Governments and Not-for-Profits Compare with Businesses?

IN PRACTICE: Why Is State and Local Government Accounting Important?

What Other Characteristics of Governments and Not-for-Profits Have Accounting Implications?

What Are the Overall Purposes of Financial Reporting?

Who Are the Users and What Are the Uses of Financial Reports?

What Are the Specific Objectives of Financial Reporting as Set Forth by the GASB and FASB?

EXAMPLE: Clash among Reporting Objectives

Do Differences in Accounting Principles Really Matter?

IN PRACTICE: Will Accounting Changes Make a Difference?

Who Establishes Generally Accepted Accounting Principles?

IN PRACTICE: Assessing the Profitability of a Football Program

IN PRACTICE: Governments and Not-for-Profits May Also Be Aggressive in Their Accounting

Summary

Key Terms in This Chapter

Questions for Review and Discussion

Exercises

Continuing Problem

Problems

Questions for Research, Analysis, and Discussion

CHAPTER 2

FUND ACCOUNTING

What Is a Fund?

What Are the Key Elements of Government Financial Statements?

What Characterizes Funds?

EXAMPLE: Fund Accounting in a School District

How Can Funds Be Combined and Consolidated?

What Are the Main Types of a Government's Funds?

What's Notable about Each Type of Governmental Fund?

What's Notable about Each Type of Proprietary Fund?

What's Notable about Each Type of Fiduciary Fund?

What Is Included in a Government's Comprehensive Annual Financial ...

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