Chapter001-new

Chapter001-new - Chapter 01 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities CHAPTER 1 INTRODUCTION

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Chapter 01 - Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENTAL AND NOT-FOR- PROFIT ENTITIES OUTLINE Number Topic Type/Task Status (re: 14/e) Questions: 1-1 Distinguishing between general purpose and special purpose governments Justify/Explain 1-3 revised 1-2 Distinguishing GNP accounting and reporting standards from business entities Contrast New 1-3 Standards-setting bodies Contrast 1-4 revised 1-4 Determining whether a not-for-profit organization is governmental Identify/Explain New 1-5 Conceptual basis for reporting Evaluate/Explain Revised 1-6 Types of accountability Contrast Revised 1-7 Measurement focus and basis of accounting Explain New 1-8 Distinguishing bases of accounting Explain New 1-9 Comprehensive annual financial report Describe 1-7 1-10 Service efforts and accomplishments Explain New Cases: 1-1 Internet Case—FASB Internet/Written report New 1-2 Internet Case—GASB Internet/Written report New 1-3 Internet Case—FASAB Internet/Written report Revised 1-4 Research Case—Government or NFP entity? Written report Revised Exercises/Problems: 1-1 Examine the CAFR Examine Revised 1-2 Various Multiple Choice Items 1 is new; several other items revised 1-3 Reporting characteristics of government-wide and fund financial statements Matching Same 1-1
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Chapter 01 - Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL REPORTING FOR GOVERNMENTAL AND NOT-FOR- PROFIT ENTITIES Answers to Questions 1-1. General purpose governments differ from special purpose governments primarily in terms of the scope of their legal powers and the range of services provided. General purpose governments typically have much more power over citizens and provide a much greater range of services than do special purpose governments. Examples of general purpose governments include states, counties, townships, cities, and villages. Special purpose governments typically include such special districts as those for police and fire protection, sanitation, and water, and organizations such as school districts and public colleges and universities. 1-2. Disagree. As discussed in this chapter, government and not-for-profit organizations serve different functions in society than do business organizations. Not surprising, then, the objectives of financial reporting for these organizations, as shown in Illustration 1-2, are quite different from the objectives of business reporting. The most striking difference is the need for government and not-for-profit organizations to report on accountability, in addition to financial performance. The different functions served and different reporting objectives lead to different accounting and reporting practices.
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This note was uploaded on 02/12/2012 for the course ACC 639 taught by Professor Bensil during the Fall '11 term at St. John's.

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Chapter001-new - Chapter 01 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities CHAPTER 1 INTRODUCTION

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