TAILIEUCHUNG - Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 5

Chapter 5 - Accounting for other government fund types: Capital projects, debt service, and permanent funds. In this chapter students will be able to: Apply the modified accrual basis of accounting in the recording of typical transactions of capital projects, debt service and permanent funds; prepare the fund-basis financial statements for governmental funds; record capital lease transactions related to governmental operations; classify and identify appropriate fund reporting for trust funds. | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 5 Accounting for Other Government Fund Types Capital Projects, Debt Service, and Permanent Funds Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 5 – Learning objectives Apply the modified accrual basis of accounting in the recording of typical transactions of capital projects, debt service and permanent funds Prepare the fund-basis financial statements for governmental funds Record capital lease transactions related to governmental operations Classify and identify appropriate fund reporting for trust funds Review of Capital Project, Debt Service and Permanent Funds Use Modified Accrual Basis and Current Financial Resources measurement focus If an annual budget is used, may be recorded in the fund but is not required If control of purchase orders is relevant to the fund, can use encumbrance accounting. Typically done with capital projects. Generally do not report long-term assets or long-term liabilities on fund balance sheet Long-term asset purchases are treated as expenditures, no depreciation. Long-term debt proceeds are treated as other financing sources. Capital Projects Funds: Account for and report financial resources that are restricted, committed or assigned to expenditure for capital outlays. Fund Definitions Capital Projects Funds Capital Project Funds Used for construction or acquisition of major long-term assets such as buildings, bridges, etc. for government funds Proprietary type funds account for construction activities in proprietary funds. They do not require use of a capital project fund. Sources: Accounts for issuance of bonds and receipt of other financing sources Uses: Accounts for construction or acquisition expenditures Does not report the long-term asset in the CP fund—Treated as expenditure in the fund Long-term asset is listed in government-wide Statement of Net Assets(Position) Primary Sources of Funds for Capital .

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• Accounting for governmental
• Not for profit organizations
• Financial reporting for governmental
• Capital projects
• Debt service
• Permanent funds
• Budgetary accounting
• Government wide financial statements
• Governmental funds
• Governmental accounting course
• Competencies of recent graduate
• Gap between Theory and Practice
• Governmental accounting education
• Governmental accounting technique
• Nonprofit entities
• Accounting for Nonprofit Entities
• Governmental organizations
• Performance budgeting
• Budgeting governmental
• Governmental operating statement accounts
• Not for profit accounting
• Recognizing revenues
• Recognizing expenditures
• Generally accepted accounting
• Local government financial reporting
• Reporting perspectives
• Financial reporting
• Financial reporting standards
• Tax exempt organizations
• Performance evaluation
• Governmental auditing
• Accounting information
• Fund financial statements
• Governmental financial performance
• Performance measurement
• Accounting for colleges
• Other accounting issues
• Accounting for hospitals
• Health care providers
• Fund accounting
• Revenue funds
• Special revenue funds
• Local governments
• Required financial statements
• Internal financial trend monitoring
• Financial position
• Single audits
• Audit process
• Statement of cash flows
• Performance measures
• Annual compliance reporting
• Operating statements