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Government and Not-for-Profit Accounting: Concepts and Practices, 8th Edition

Government and Not-for-Profit Accounting: Concepts and Practices, 8th Edition

Michael H. Granof, Saleha B. Khumawala

ISBN: 978-1-119-49581-9

Nov 2018

828 pages

$104.50

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Description

Government and Not-for-Profit Accounting highlights the dynamic nature and constant evolution of the field and the intellectual challenges it presents.  Designed to assist both preparers and potential users of financial reports, this book emphasizes concepts over rules and regulations to help students think critically and consider the effectiveness of alternate methodologies. Real-world examples demonstrate the similarities and differences between the public and private sectors—and how each might approach the same issue—and complete coverage of relevant reporting standards and practices aligns with the latest GASB, FASB, and AICPA changes. 

A central goal of this text is to make students aware of the reasons behind the guidelines and standards, and consider their strengths, limitations, applications, and alternatives. Much more than simply an invaluable preparation resource for the CPA and CGFM exams, this book lays the intellectual foundation that allows the students of today to become the leaders of tomorrow: the members of the standard‐setting boards, partners of CPA firms, government and not‐for‐profit executives, legislative and governing board members, and more.

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Preface    vi
The Government and Not-for-Profit Environment    1
How Do Governments and Not-For-Profits Compare With Businesses?    2
■    In Practice: Why is State and Local Government Accounting Important?    5
What Other Characteristics of Governments and Not‐For‐Profits Have Accounting Implications?    8
How Do Governments Compare With Not‐For‐Profits?    11
What Are the Overall Purposes of Financial Reporting?    12
Who Are the Users, and What are the Uses of Financial Reports?    13
What Are the Specific Objectives of Financial Reporting as Set Forth by The GASB and FASB? 16
■    Example: Clash among Reporting Objectives    17
Do Differences in Accounting Principles Really Matter?    20
■    In Practice: Will Accounting Changes Make a Difference?    21
Who Establishes Generally Accepted Accounting Principles?    21
■    In Practice: Assessing the Profitability of a Football Program    22
■    In Practice: Governments and Not-For-Profits May Also Be Aggressive in Their Accounting    23
Summary    26
Key Terms in This Chapter    26
Questions For Review and Discussion    26
Exercises    27
Continuing Problem    30
Problems    30
Questions For Research, Analysis, And Discussion    36
Fund Accounting    37
What Is a Fund?    37
What Are the Key Elements of Government Financial Statements?    38
What Characterizes Funds?    39
xi
xii Contents
■    Example: Fund Accounting in a School District 44 How Can Funds Be Combined and Consolidated? 46 What Are the Main Types of a Government’s Funds? 57
What’s Notable about Each Type of Governmental Fund? 58 What’s Notable about Each Type of Proprietary Fund? 61 What’s Notable about Each Type of Fiduciary Fund? 63
What Is Included in a Government’s Comprehensive Annual Financial Report (CAFR)? 69
■    Example: Government‐Wide Statement of Activities 71
How Do the Funds and Annual Reports of Not‐For‐Profits Differ from Those of Governments? 73 Summary 75
Key Terms in This Chapter 77 Exercise for Review and Self-Study 77
Questions for Review and Discussion 78 Exercises 79
Continuing Problem 84
Problems 84
Questions for Research, Analysis, and Discussion 93 Solution to Exercise for Review and Self-Study 93
Issues of Budgeting and Control    97
What Are the Key Purposes of Budgets?    98
Why Is More Than One Type of Budget Necessary?    98
How Are Expenditures and Revenues Classified?    100
Why Are Performance Budgets Necessary?    101
What Are the Key Phases for the Budget Cycle?    104
■    In Practice: Budgeting and Legislative Constraints    106
On What Basis of Accounting Are Budgets Prepared?    108
■    In Practice: States Balance Their Budgets the Painless Way    109
■    In Practice: The Cost of GAAP    109
■    In Practice: Balancing the Budget by Selling Assets to Yourself    110
What Cautions Must Be Taken in Budget‐to‐Actual Comparisons?    110
How Does Budgeting in Not‐For‐Profit Organizations Compare with That in Governments?    114
How do Budgets Enhance Control?    114
What are the Distinctive Ways Governments Record their Budgets?    116
■    Example: Budgetary Entries    117
How Does Encumbrance Accounting Prevent Overspending?    119
■    Example: The Encumbrance Cycle—Year 1    120
Contents xiii
■    Example: The Encumbrance Cycle—Year 2 122
■    Example: Impact of Encumbrances on Fund Balance 123 Are Budgetary and Encumbrance Entries Really Needed? 125 Summary 126
Key Terms in This Chapter 126 Exercise for Review and Self‐Study 127
Questions for Review and Discussion 127 Exercises 128
Continuing Problem 134
Problems 134
Questions for Research, Analysis, and Discussion 144 Solution to Exercise for Review and Self‐Study 145
Recognizing Revenues in Governmental Funds    147
Why and How Do Governments Use the Modified Accrual Basis?    148
What Are the Main Types of Nonexchange Revenues and the Limitations on How and When They Can Be Used?    151
How Should Property Taxes and Other Imposed Nonexchange Revenues Be Accounted For?    152
■    In Practice: Housing Woes Raise New Problems for Accountants and Auditors    152
■    Example: Property Taxes    154
■    Example: Fines    157
How Should Sales Taxes and Other Derived Tax Revenues Be Accounted For?    158
■    Example: Sales Taxes    159
■    Example: Sales Taxes Collected by State    160
■    Example: Income Taxes    161
How Should Grants and Similar Government-Mandated and Voluntary Nonexchange Revenues Be Accounted For?    163
■    Example: Unrestricted Grant with Time requirement    164
■    Example: Grant with Purpose Restriction    164
■    Example: Reimbursement (Eligibility Requirement) Grant    164
■    Example: Unrestricted Grant with Contingency Eligibility Requirement    165
■    Example: Endowment Gift    165
■    Example: Pledges    165
■    Example: Payments in Lieu of Taxes    165
■    Example: Donations of Land for Differing Purposes    166
■    Example: On-Behalf Payments    169
How Should Sales of Capital Assets Be Accounted For?    169
■    Example: Sales of Capital Assets    170
xiv Contents
How Should Licenses, Permits, and Other Exchange Transactions Be Accounted For? 171
■    Example: License Fees 171
How Should Governments Report Revenues in Their Government-Wide Statements? 172 Summary 172
Key Terms in This Chapter 174 Exercise for Review and Self-Study 174
Questions for Review and Discussion 174 Exercises 175
Continuing Problem 180
Problems 181
Questions for Research, Analysis, and Discussion 189 Solution to Exercise for Review and Self‐Study 189
Recognizing Expenditures in Governmental Funds    192
How Is The Accrual Concept Modified for Expenditures?    193
How Should Wages and Salaries Be Accounted For?    194
■    In Practice: Tax Expenditures That Are Actually Reductions in Revenue    194
■    Example: Wages and Salaries    194
How Should Compensated Absences Be Accounted For?    195
■    In Practice: Changing the Pay Date by One Day    196
■    Example: Vacation Leave    196
■    Example: Sick Leave    197
■    Example: Sabbatical Leave    198
How Should Pensions and Other Postemployment Benefits Be Accounted for?    199
■    Example: Pension Expenditure    200
How Should Claims and Judgments Be Accounted For?    200
■    Example: Claims and Judgments    201
How Should the Acquisition and Use of Materials and Supplies Be Accounted For?    202
■    Example: Supplies    202
How Should Prepayments Be Accounted For?    204
■    Example: Prepayments    204
How Should Capital Assets Be Accounted For?    205
■    Example: Capital Assets    206
■    Example: Installment Notes    207
■    Example: Capital Leases    208
How Should Interest and Principal on Long-Term Debt Be Accounted For?    209
■    Example: Long‐term Debt    209
■    In Practice: California Schoolchildren May Pay for Their Own Education    211
Contents xv
How Should Nonexchange Expenditures be Accounted for? 212
■    Example: Unrestricted Grant with Time Requirement 212
■    Example: Grant with Purpose Restriction 213
■    Example: Reimbursement (Eligibility Requirement) Grant 213 How Should Interfund Transactions Be Accounted For? 214
■    Example: Interfund Transfer 214
■    Example: Interfund Purchase/Sale 215
What Constitutes other Financing Sources and Uses? 216
How Should Revenues, Expenditures, and Other Financing Sources and Uses be Reported? 217 What Is the Significance of the Current Financial Governmental Fund Statements? An Overview 217 Summary 218
Key Terms in This Chapter 218 Exercise for Review and Self-Study 219
Questions for Review and Discussion 220 Exercises 221
Continuing Problem 227
Problems 228
Questions for Research, Analysis, and Discussion 236 Solution to Exercise for Review and Self-Study 237
Accounting for Capital Projects and Debt Service    240
How do Governments Account for Capital Projects Funds?    241
■    Example: Bond Issue Costs    243
■    Example: Bond Premiums and Discounts    243
■    Comprehensive Example: Main Types of Transactions Accounted for in Capital Projects Funds    244
How do Governments Account for Resources Dedicated to Debt Service?    247
■    Comprehensive Example: Main Types of Transactions Accounted for in Debt Service Funds    249
How Do Governments Handle Special Assessments?    252
■    In Practice: Use and Abuse of Special Assessments    253
Accounting for Special Assessments in Proprietary Funds    255
■    In Practice: What We Might Learn From “Net Investment in Capital Assets”    257
How Can Governments Benefit from Debt Refundings?    258
■    Example: Debt Refundings    259
■    Example: In‐Substance Defeasance    260
Summary    262
Key Terms in This Chapter    263
Exercise for Review and Self‐Study    263
Questions for Review and Discussion    264
xvi Contents
Exercises 264
Continuing Problem 270
Problems 270
Questions for Research, Analysis, and Discussion 280 Solution to Exercise for Review and Self‐Study 281
Capital Assets and Investments in Marketable Securities    285
What Accounting Practices Do Governments Follow for General Capital Assets?    286
■    Example: Trade-Ins    289
Why and How Should Governments Report Infrastructure?    290
■    In Practice: Nation’s Infrastructure Earns a Cumulative Grade of D+    291
■    In Practice: Fair Values May (Or May Not) Facilitate Sales Decisions    296
How Should Governments Account for Assets That Are Impaired?    297
■    Example: Restoration Approach    297
■    Example: Service Units approach    298
■    Example: Deflated Depreciated Replacement Cost Approach    299
What Issues Are the Critical Issues With Respect to Marketable Securities and Other Investments?    299
■    Example: Investment Income    303
■    In Practice: Some Governments May Make Suboptimal Investment Decisions in Order to Avoid Financial Statement Volatility    304
■    Example: Interest Income    304
■    In Practice: One Common-Type Derivative    306
■    In Practice: Investment Debacles    306
■    In Practice: Common sense Investment Practices    308
Summary    308
Key Terms in this Chapter    309
Exercise for Review and Self-Study    309
Questions for Review and Discussion    310
Exercises    310
Continuing Problem    314
Problems    315
Questions for Research, Analysis, and Discussion    324
Solution to Exercise for Review and Self-Study    324
Long-Term Obligations    326
Why is Information on Long-Term Debt Important to Statement Users?    327
Can Governments and Not-For-Profits Go Bankrupt?    327
■    In Practice: It is Not So Easy to Declare Municipal Bankruptcy    328
Contents xvii
How Do Governments Account for Long-Term Obligations? 329
■    Example: Accounting for Bonds in Government-Wide Statements 331
■    In Practice: Valuing a Lottery Prize 332
What Constitutes A Government’s Long-Term Debt? 332
■    Example: Demand Bonds 334
■    Example: Bond Anticipation Notes 335
■    Example: Tax Anticipation Notes 335
■    Example: Capital Leases 338
■    Example: Overlapping Debt 341
■    In Practice: 49Ers Score Big in The Financial Arena 343
■    In Practice: Tobacco Bonds are Both Risky and Inconsistent with Government Policies 344 What Other Information Do Users Want to Know About Outstanding Debt? 344
■    Example: Debt Margin 346
What are Bond Ratings, and Why are They Important? 347 Summary 349
Key Terms in this Chapter 349
Exercise for Review and Self-Study 349 Questions for Review and Discussion 350 Exercises 350
Continuing Problem 356
Problems 356
Questions for Research, Analysis, and Discussion 363 Solution to Exercise for Review and Self-Study 364
Business-Type Activities    365
What Types of Funds Involve Business-Type Activities?    366
Why Do Governments and Not-For-Profits Engage in Business-Type Activities?    366
Should Business-Type Activities be Accounted for Differently than Governmental Activities?    367
What are the Three Basic Statements of Proprietary Fund Accounting?    369
What Accounting Issues are Unique to Enterprise Funds of Governments?    373
■    Example: Revenue Bond Proceeds as Restricted Assets    377
■    Example: Landfill Costs in an Enterprise Fund    379
■    Example: Pollution Remediation Costs in an Enterprise Fund    382
What are Internal Service Funds, and How are they Accounted For?    382
■    Example: Internal Service Fund Accounting    385
■    In Practice: Full-Cost Pricing May Encourage Dysfunctional Decisions    387
What Special Problems are Created when An Internal Service Fund or the General Fund Accounts for “Self-Insurance”?    389
xviii Contents
■    Example: Insurance Premiums 390
■    Example: Self-Insurance in a General Fund 391 How are Proprietary Funds Reported? 392
■    Example: Eliminating Interfund Balances and Transactions 393
■    In Practice: Want to Own a Bridge? 395
What do Users Want to Know about Revenue Debt? 396 Summary 397
Key Terms in this Chapter 398
Exercise for Review and Self-Study 398 Questions for Review and Discussion 399 Exercises 402
Continuing Problem 407
Problems 407
Questions for Research, Analysis, and Discussion 416 Solution to Exercise for Review and Self-Study 417
Pensions and Other Fiduciary Activities    419
Why is Pension Accounting so Important?    420
■    In Practice: Funded Status of State Defined Benefit Plans—Ten Best and Ten Worst    421
How do Defined Contribution Plans Differ From Defined Benefit Plans?    421
■    In Practice: Defined Benefit Plans are More Efficient than Defined Contribution Plans    422
■    In Practice: Can Defined Benefit Plans be Saved?    423
What are the Distinctions Among Single, Agent Multiple-Employer, and Cost-Sharing Plans?    424
What is the Relationship Between an Employer and its Pension Plan?    424
What is the Underlying Rationale for the Gasb Approach?    425
How Should the Employer Measure its Pension Obligation?    425
How is the Discount Rate Determined?    426
How Should the Pension Expense in Full Accrual Statements be Determined?    427
■    Example: The Pension Expense    429
How Should the Pension Expenditure in Governmental Funds be Determined?    432
What Special Problems do Multiple-Employer Cost-Sharing Plans Pose?    432
How Should the Pension Plan be Accounted For?    433
What Types of Disclosures are Required?    435
How Should Postemployment Benefits other than Pensions (Opeb) be Accounted For?    436
What are Fiduciary Funds?    437
What Is An Endowment?    437
What are Permanent Funds and How are they Distinguished from Fiduciary Funds?    438
Should Investment Income be Reported in an Expendable or A Nonexpendable Fund?    439
■    Example: Expendable Investment Income    440
Contents xix
How are The Assets Held in Fiduciary Funds Accounted For? 440
■    Example: Recognizing Declines in Fair Value 441
Should Investment Gains be Considered Net Additions to Principal or Expendable Income? 442
■    Example: Investment Gains 442
■    Example: Investment Losses 443
■    In Practice: Disconnect Between FASB and Legal Provisions 445
How can Institutions Protect Against Inflation, Yet Reap the Benefits of Current Income? 446
■    Example: Fixed Rate of Return Approach 446
How are the Main Types of Transactions Recorded in Nonexpendable Trust Funds? 447
■    Example: Recording Transactions in a Permanent Fund 447 What Accounting Issues do Agency Funds Present? 452
■    Example: Agency Funds 452
What Accounting Issues do Investment Trust Funds Present? 454 Summary 456
Key Terms in this Chapter 457
Exercise for Review and Self-Study 457 Questions for Review and Discussion 459 Exercises 460
Continuing Problem 464
Problems 465
Questions for Research, Analysis, and Discussion 472 Solution to Exercise for Review and Self-Study 472
Issues of Reporting, Disclosure, and Financial Analysis    474
How Can a Government Prepare Government‐Wide Statements from Fund Statements?    474
Why is the Reporting Entity an Issue for Governments?    476
■    Example: The Reporting Entity    476
What Criteria Have Been Established for Government Reporting Entities?    477
■    Example: Financially Accountable Component Units    478
■    Example: Fiscal Dependency    479
■    Example: Blended Component Units    480
■    Example: A Closely Affiliated Organization    484
■    Example: Application of Current Standards    484
What Other Elements Make Up the Comprehensive Annual Financial Report?    486
What Are the Reporting Requirements for Special‐Purpose Governments?    490
How Can A Government’s Fiscal Condition be Assessed?    492
■    In Practice: Balanced Budget Requirements Don’t Always Result in Balanced Budgets    501
Drawing Conclusions    510
xx Contents
Summary 510
Key Terms in This Chapter 511 Exercise for Review and Self‐Study 511
Questions for Review and Discussion 512 Exercises 513
Continuing Problem 519
Problems 519
Questions for Research, Analysis, and Discussion 525 Solution to Exercise for Review and Self-Study 525
Not-for-Profit Organizations    528
Who’s In Charge?    528
What Should be the Form and Content of Financial Statements?    529
■    Example: Reporting Revenues and Expenses    533
What Are the Main Types of Contributions, and How Should Pledges be Accounted for?    539
■    In Practice: Even the Very Wealthy Sometimes Renege on their Contributions    543
■    Example: Pledges    543
When Should Use-Restricted (Purpose-Restricted) Contributions Be Recognized?    545
■    Example: Use-Restricted Contributions    545
■    In Practice: A Gift With Strings Attached    546
Should Contributions of Services be Recognized?    546
■    Example: Service Contributions    547
Should Receipts of Collection Items Be Recognized As Revenues?    547
■    In Practice: Examples of Contributed Services    548
When Should Conditional Promises be Recognized?    548
■    In Practice: When a Contribution is Not A Contribution    549
■    Example: Conditional Promises    549
How Should “Pass-Through” Contributions be Accounted for?    550
■    Example: A Federated Fund-Raising Organization    550
■    Example: A Foundation That Transfers Assets to a Specified Organization    550
■    Example: A Foundation That Supports a Related Organization    550
When Should Gains and Losses on Investments be Recognized?    552
■    Example: Investment Gains    552
What Are Split Interest Agreements, And How Should They Be Accounted For?    553
How Should Depreciation be Reported?    554
■    Example: Depreciation    554
What Issues Does a Not‐For‐Profit Face in Establishing its Reporting Entity?    555
■    Comprehensive Example: Museum of American Culture    556
Contents xxi
How Should the Costs of Fund-Raising Activities be Determined? 564
■    Example: Allocating Charitable Costs 565
How can a Not-For-Profit’s Fiscal Condition be Assessed? 567
■    In Practice: Not-For Profits, Like Corporations, Tainted by Scandals 569 Summary 570
Key Terms in this Chapter 571
Exercise for Review and Self-Study 571 Questions for Review and Discussion 575 Exercises 575
Problems 581
Solution to Exercise for Review and Self-Study 586
Colleges and Universities    587
What Unique Issues do Colleges and Universities Face?    587
Accounting for Revenues and Expenses    596
■    In Practice: Which Set of Standards Do We Follow?    597
■    In Practice: Trying to Go Private    598
■    In Practice: How Should a University Classify a Gift that May Not Be a Gift?    598
■    Example: Tuition and Fee Revenues    599
Other Issues    600
■    Example: Grants    601
■    Example: Student Loans    602
■    In Practice: How Auxiliary Enterprises Can Be Misused    603
■    Comprehensive Example: Mars University    603
Evaluating the Fiscal Wherewithal of Colleges and Universities    608
Summary    610
Key Terms in this Chapter    610
Exercise for Review and Self-Study    610
Questions for Review and Discussion    613
Exercises    614
Problems    618
Solution to Exercise for Review and Self-Study    624
Health Care Providers    626
■    In Practice: Hospitals Face Economic Challenges While Also Implementing Policy Changes    627
What Unique Issues do Health Care Providers Face?    628
What are the Key Differences Between Private Not-For-Profit and Government Health Care Providers?    629
xxii Contents
What Are The Basic Financial Statements? 629
How Are Key Revenues and Expenses Recognized? 634
■    Example: Patient Care Revenues 634
■    Example: Capitation Fee Revenues 635
■    Example: Charity Care 636
■    Example: Malpractice Claims 637
■    Example: Retrospective Premiums 638
■    Comprehensive Example: Medical Center Hospital 638
How can The Fiscal Wherewithal of Health care Organizations be Evaluated? 643
■    In Practice: Financial Problems Not Caused By Single Issue 645 Possible Future Changes 645
Summary 646
Key Terms in this Chapter 646
Exercise for Review and Self-Study 646 Questions for Review and Discussion 647 Exercises 648
Problems 654
Solution to Exercise for Review and Self-Study 660
Managing for Results    661
What Role do Accountants Play in the Management Cycle of Governments and Not‐For‐Profits?    662
How Can the Limits of Traditional Budgets Be Overcome?    663
What are the Characteristics of Sound Operational Objectives?    665
What are the Perils of Establishing Operational Objectives?    667
■    In Practice: A Classic Case of Reliance on Misspecified Objectives (Two Perspectives of the Vietnam War)    668
How Do Program Budgets Relate Expenditures to Operational Objectives?    669
How Should Service Efforts and Accomplishments Be Reported?    675
How Are Capital Expenditures Planned and Budgeted Within A Framework of Operational Objectives?    681
■    Example: Benefits Are Cash Savings    683
■    Example: Choosing among Options with Similar Benefits    684
■    In Practice: September 11 Victim Compensation Fund    686
Summary    688
Key Terms in this Chapter    688
Exercise for Review and Self‐Study    689
Questions for Review and Discussion    689
Exercises    690
Problems    693
Solution to Exercise for Review and Self‐Study    700
Contents   xxiii
Auditing Governments and Not‐for‐Profit Organizations    702
How do Audits of Governments and Not‐For‐Profits Differ from Those of Businesses?    703
How has the Yellow Book Influenced Governmental and Not‐For‐Profit Auditing?    703
What Types Of Audits Do Governments Conduct?    704
What Levels of Standards are Applicable to all Engagements?    705
What are the Key Differences Between Government and Nongovernment Financial Audit Standards?    708
■    In Practice: To Whom Should a City Auditor Report?    708
■    In Practice: The Auditors’ Dilemma    710
How Have the Single‐Audit Act and other Pronouncements Influenced Auditing?    711
What Approach do Auditors Take in Performing Single Audits?    712
What Reports Result from Single Audits?    716
What are Performance Audits?    718
■    In Practice: Targeting Seemingly Trivial Activities    721
■    Example: Evidence Gathering    724
■    In Practice: Findings Must Relate to Program Objectives    725
■    Example: Ethical Dilemma    728
Summary    729
Key Terms in this Chapter    730
Exercise for Review and Self‐Study    731
Questions for Review and Discussion    731
Exercises    732
Problems    735
Cases in Ethics    740
Solution to Exercise for Review and Self-Study    742
17    Federal Government Accounting        744
    Which Agencies Are Responsible For Federal Accounting And Reporting?    746    
    What Constitutes The Federal Budget? 751        
    What Constitutes the Federal Government Reporting Entity? 752        
    What are the Form and Content of Government‐Wide Federal Statements?    754    
    What Types of Accounts are Maintained by Federal Entities? 759        
    What Statements are Required of Federal Agencies? 762        
    What are other key Features of the FASAB Model? 770        
    ■    Example: Subsidized loan 777        
    ■    Example: loan Guarantees 778        
What Additional Steps Has The Federal Government Taken To Improve Its Fiscal Management? 779 What are the key International Trends in Governmental Accounting? 779
Summary 781
xxiv Contents
Key Terms in this Chapter 782        
Exercise For Review And Self‐Study 783        
Questions for Review and Discussion 783        
Exercises 784        
Problems 788        
Solution to Exercise for Review and Self-Study    796    
Glossary        797
Value Tables        816
Index        825
  • Complete, accurate, and up-to-date coverage of all authoritative pronouncements issued by the Governmental Accounting Standards Board (GASB)
  • Revised to reflect the latest applicable Financial Accounting Standards Board (FASB) updates
  • Fully aligned with current AICPA Audit and Accounting Guide, as well as Office of Management and Budget (OMB) and Government Accountability Office (GAO) publications
  • Expanded discussion highlights potentially significant changes to guidelines and standards not yet officially issued
  • Updated problems, exercises and question throughout
  • Provides insight on real-world methods through challenging practice sets that require students to justify their approach and consider alternatives
  • Features an overarching Continuing Problem that requires students to review comprehensive financial reports and answer questions as they pertain to state and local accounting principles
  • Builds critical thinking skills by asking students to analyze and interpret financial statements of actual not-for-profit and government entities
  • Provides comprehensive coverage and relevant exercises, practice questions, and reviews to help students prepare for the CPA exam and the Certified Government Financial Manager (CGFM) exam