... Enhancer Essentials ofAccountingfor Governmental and Not -for- Profit Organizations Tenth Edition Paul A. Copley, Ph. D., CPA KPMG Professor Director, School ofAccounting James ... 6Objectives ofAccounting and Financial Reporting for the Federal Government 8Objectives of Financial Reporting by Not -for- Profit Entities 8Objectives ofAccounting and Financial Reporting for ... 97Correction of Errors 97Amendment of the Budget 97Interfund Transactions 98 Write- offofUncollectible Delinquent Taxes 100Reclassification of Current Taxes 100Accrual of Interest and...
... ledger accounts of governmental funds by credits to the Revenues Control account (offset by debits to receivableaccountsfor revenues susceptible to accrual or by debits to Cash for revenues ... statement offers no ex-amples of such contractual obligations, but it seems reasonable that they would be of sufficient significance to involve the formal action of the governing board. For example, ... Statement Activity Accounts Panel 2 of Illustration 3–1 presents activity and budgetary accountsfor govern-mental funds. The activity accounts reflect sources and uses of funds; examples...
... Government officials should review aged schedules of receivables periodically in order to determine the adequacy of allowance accounts and to authorize the write- offs of items judged to be uncollectible. ... the future. If collections of write- off taxes are made, the amounts should be returned to general ledger control by making an entry that is the reverse of the write- off entry, so that the procedures ... Reclassification of Current Taxes Assuming that all property taxes levied by the Village of Elizabeth for 2012 were to have been paid by property owners before the end of the year, any balance of taxes receivable...
... $8,000 of old accountsreceivable were written off. 6. Accountsreceivable collections totaled $1,450,000 from nongovern-mental customers and $48,400 from the General Fund. 7. $1,035,000 ofaccounts ... 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. Accountingfor ... assets shown in the Statement of Net Assets (Illustration 6–3). Statement of Cash Flows The Statement of Cash Flows for the proprietary funds for the Village of Elizabeth is presented as...
... accrual accountingfor 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 ... previous information, prepare, in good form, a Statement of Activi-ties for the City of Northern Pines for the year ended June 30, 2012. North-ern Pines has no component units. 8–9. The City of Grinders ... governor. Institutions have varying degrees of autonomy from their state government officials and regulations. Often, a co-ordinating council (say, a Board of Higher Education) exists to provide...
... Cash Flows for the Nonprofit Hospital using the indirect method. The directmethod is also accept-able (see Illustration 11–5) for private not -for- profit organizations and is required for governmental ... the accrual basis ofaccounting in the recording of typical ã transactions of a not -for- profit health care organization. Prepare the financial statements for a not -for- profit health care ã ... Reporting—Ownership Forms Equity Section of Balance Type of Entity Components of Financial Report Sheet/Statement of Net AssetsNot -for- Profit, Business— FASB ✓ Balance Sheet/Statement of Financial...
... complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge. SignHere Type or print name and title Date Signature of officer Preparer’ssignature ... 3 4 Accounts receivable, net 4 5 6 7 Receivables from current and former officers, directors, trustees, keyemployees, or other related parties. Complete Part II of Schedule ... governments and for not -for- profit organizations. The American Institute of Certified Public Accountants issued Statement of Position 98–3, Auditing of States, Local Governments, and Not -for- Profit Organizations...
... Office of Management and Budget, U.S. (OMB) Executive agency of the federal govern-ment responsible for the preparation of the execu-tive budget proposal and for the form and content of ... not -for- profit) Used in accountingfor govern-mental and not -for- profit organizations indicating that portion of net assets that is unrestricted. net increase/decrease in fair value of invest-ments ... Association of College and University Business Officers (NACUBO) Association of college and university financial vice presidents, controllers, budget officials, and other finance officers...
... Not -for- profit organizations formed for the purpose of performing voluntary services for various segments of society. They are tax exempt, supported by the public, and operate on a not -for- profit ... restrictions have expired, for expiration of time restriction, for expiration of term endowments, for satisfaction of program restrictions, or for satisfaction of plant acquisition restrictions. ... which 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- profit organizations by...
... theequation.40ESSENTIALS of Credit, Collections, and Accounts Receivable 54ESSENTIALS of Credit, Collections, and Accounts Receivable professionals in the field who successfully use letters as part of their ... tothem. For starters, companies charging late fees run the very real risk of offending the customer. An offended customer generally translates intoan angry salesperson—something most credit professionals ... allow for bad debt. This is sometimesdone when a company decides that the bad debt written off will bemore than compensated for by additional sales.2ESSENTIALS of Credit, Collections, and Accounts...