Fundamentals of Governmental Accounting and Reporting features the foundational tenets of governmental accounting and reporting in today's environment. Featuring updated accounting for GASB Statement No. 84, and fiduciary activities, this work reviews underlying concepts and shows how they are applied through real-life examples of CAFR, financial statements and updates of recent GASB standards.Key areas covered include:
- The governmental environment and GAAP
- Fund accounting and the financial reporting model
- Budgeting
- MFBA
- Revenues and expenditures
- Governmental, proprietary, and fiduciary funds
- Government-wide financial statements
- CAFR
- Special purpose governments
- Deferred outflows of resources and deferred inflows of resources
Table of Contents
Chapter 1 1-1
The Governmental Environment and GAAP 1-1
Governmental environment 1-2
Which organizations are required to follow GASB standards? 1-8
GAAP and standards-setting organizations 1-9
The governmental environment and GAAP 1-12
Practice questions 1-13
Chapter 2 2-1
Fund Accounting and the Financial Reporting Model 2-1
Fund fundamentals 2-2
Fund structure 2-4
Overview of the financial reporting model 2-8
Summary 2-10
Practice questions 2-11
Chapter 3 3-1
Budgeting 3-1
The role of budgets 3-2
Encumbrances 3-5
Comparing budgeted amounts to actual amounts 3-7
Summary 3-8
Practice questions 3-9
Chapter 4 4-1
Measurement Focus and Basis of Accounting 4-1
Terminology 4-6
Summary 4-11
Practice questions 4-12
Chapter 5 5-1
Governmental Funds: Revenues and Expenditures 5-1
Revenues 5-3
Expenditures 5-7
Governmental funds revenues and expenditures 5-14
Practice questions 5-15
Chapter 6 6-1
Proprietary Funds 6-1
Use of proprietary funds 6-2
Accounting differences 6-4
Reporting differences 6-13
Summary 6-14
Practice questions 6-15
Chapter 7 7-1
Fiduciary Funds 7-1
The use of fiduciary funds 7-2
Accounting differences 7-4
Reporting differences 7-5
Practice questions 7-7
Chapter 8 8-1
Fund Financial Statements 8-1
General-purpose financial statements 8-2
Reporting by major funds 8-3
Governmental funds 8-6
Proprietary funds 8-8
Fiduciary funds 8-12
Summary 8-13
Practice questions 8-14
Chapter 9 9-1
Reporting Entity 9-1
The reporting entity 9-2
Reporting component units 9-6
Joint ventures and other organizations 9-8
Summary 9-9
Practice questions 9-10
Chapter 10 10-1
Government-Wide Financial Statements 10-1
Purpose of the government-wide statements 10-2
The worksheet approach 10-6
Summary 10-15
Practice questions 10-16
Chapter 11 11-1
Financial Reporting and the Comprehensive Annual Financial Report 11-1
Practice questions 11-11
Chapter 12 12-1
Special-Purpose Governments 12-1
Background 12-2
Summary 12-5
Practice questions 12-6
Appendix A A-1
City of Charlottesville - Basic Financial Statements A-1
Appendix B B-1
City of Charlottesville - Required Supplementary Information B-1
Appendix C C-1
City of Charlottesville - MD&A and Statistical Section C-1
Appendix D D-1
University of Virginia - Basic Financial Statements D-1
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 2
Chapter 3 Solutions 4
Chapter 4 Solutions 6
Chapter 5 Solutions 7
Chapter 6 Solutions 8
Chapter 7 Solutions 10
Chapter 8 Solutions 11
Chapter 9 Solutions 13
Chapter 10 Solutions 14
Chapter 11 Solutions 17
Chapter 12 Solutions 19
