Fundamentals of Governmental Accounting and Reporting

Bruce W. Chase, PhD, is professor of accounting at Radford University. He is also the Director of the University's Governmental and Nonprofit Assistance Center (GNAC). The GNAC provides support for the Government Finance Officers Association (GFOA) national Certified Public Finance Officer (CPFO) program. Prior to joining the faculty of Radford University, he spent over 15 years in governmental and nonprofit accounting. He began his career with the Auditor of Public Accounts and then with Coopers and Lybrand. He served as Treasurer of Virginia Commonwealth University and later as chief financial officer of Southern Seminary College. He has written numerous articles on governmental and nonprofit accounting and is a frequent speaker on these topics. He has authored two national educational courses dealing with governmental and nonprofit accounting for the American Institute of Certified Public Accountants (AICPA). He also does extensive training on governmental accounting and reporting issues.

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