Custom BMAL 630 - Accounting for Nonprofits (Liberty University)

by Patton

ISBN: 0000000000 | Copyright 2023

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Accounting for Governmental & Nonprofit Organizations, 2e (pg. 1.1-1)
Chapter 1 Governmental and Nonprofit Accounting Environment and Characteristics (pg. 1.1-1)
Governmental and Nonprofit Organizations (pg. 1.1-3)
The Operating Environment (pg. 1.1-4)
Organizational Purposes (pg. 1.1-4)
Sources of Revenue and Relationship with Stakeholders (pg. 1.1-4)
Potential for Longevity (pg. 1.1-5)
Role of the Budget and Legal Requirements (pg. 1.1-5)
Review 1-1 (pg. 1.1-6)
Users and Uses of Accounting Information (pg. 1.1-6)
Objectives of Financial Reporting (pg. 1.1-7)
State and Local Government Financial Reporting (pg. 1.1-7)
Federal Government Financial Reporting (pg. 1.1-7)
Nonprofit Organization Financial Reporting (pg. 1.1-8)
Distinctive Accounting and Financial Reporting Characteristics (pg. 1.1-8)
Use of Fund Accounting (pg. 1.1-8)
Incorporation of Budgets into Accounting Systems (pg. 1.1-9)
Measurement Focus and Basis of Accounting (pg. 1.1-9)
Entity Wide and Fund-Level Reporting (pg. 1.1-9)
Financial Reporting of Restricted Resources (pg. 1.1-10)
Review 1-2 (pg. 1.1-10)
Accounting Principles and Standards (pg. 1.1-10)
Establishing Generally Accepted Accounting Principles (pg. 1.1-10)
Hierarchy of Generally Accepted Accounting Principles (pg. 1.1-11)
Review 1-3 (pg. 1.1-13)
Organization of This Textbook (pg. 1.1-13)
Questions (pg. 1.1-13)
Multiple Choice (pg. 1.1-14)
Exercises (pg. 1.1-15)
Solutions to Chapter 1 In-Chapter Review Questions (pg. 1.1-16)
Chapter 13 Accounting for Nonprofit Organizations (pg. 1.13-1)
Characteristics of Nonprofit Organizations (pg. 1.13-3)
Source of Accounting and Financial Reporting Guidance for Nonprofits (pg. 1.13-4)
Review 13-1 (pg. 1.13-4)
Financial Reporting for Nonprofits (pg. 1.13-4)
Objectives of Nonprofit Financial Reporting (pg. 1.13-4)
Reporting on Restrictions and Classes of Net Assets (pg. 1.13-5)
Statement of Financial Position or Balance Sheet (pg. 1.13-6)
Statement of Activities (pg. 1.13-8)
Statement of Cash Flows (pg. 1.13-12)
Reporting Expenses by Nature and Function-Statement of Functional Expenses (pg. 1.13-13)
Review 13-2 (pg. 1.13-13)
Contributions Other Than Services and Collections (pg. 1.13-14)
General Rule (pg. 1.13-14)
Unrestricted Contributions (pg. 1.13-14)
Contributions with Donor-Imposed Restrictions (pg. 1.13-14)
Accounting for Reclassifications (pg. 1.13-16)
Unconditional Promises to Give (Pledges) (pg. 1.13-17)
Conditional Promises to Give (pg. 1.13-18)
Review 13-3 (pg. 1.13-19)
Contributed Services and Collection Items (pg. 1.13-19)
Contributed Services (pg. 1.13-19)
Contributions to Collections (pg. 1.13-20)
Review 13-4 (pg. 1.13-22)
Investments and Split-Interest Agreements (pg. 1.13-22)
Fair Value Reporting and Investment Gains and Losses (pg. 1.13-22)
Investment Disclosures (pg. 1.13-24)
Investment Income (pg. 1.13-24)
Split-Interest Agreements (pg. 1.13-24)
Review 13-5 (pg. 1.13-25)
Reporting Exchange Revenues (pg. 1.13-25)
Exchange Transactions and Nonprofits (pg. 1.13-25)
Subscription and Membership Income (pg. 1.13-28)
Depreciation Expense (pg. 1.13-28)
Fundraising Expenses (pg. 1.13-28)
Providing Information about Nonprofit Liquidity (pg. 1.13-29)
Review 13-6 (pg. 1.13-30)
Nonprofit Regulatory Issues (pg. 1.13-30)
Nonprofit Existence, Organization, and Regulation (pg. 1.13-30)
Public Charities and Private Foundations (pg. 1.13-31)
Filing Requirements for IRC 501(c)(3) Organizations (pg. 1.13-31)
Review 13-7 (pg. 1.13-32)
Fund Accounting in Nonprofits (pg. 1.13-33)
Types of Funds (pg. 1.13-33)
Interfund Transfers (pg. 1.13-34)
Interfund Receivables and Payables (pg. 1.13-34)
Illustration Using Funds (pg. 1.13-34)
Review 13-8 (pg. 1.13-40)
Questions (pg. 1.13-41)
Multiple Choice (pg. 1.13-41)
Exercises (pg. 1.13-43)
Problems (pg. 1.13-46)
Solutions to Chapter 13 In-Chapter Review Questions (pg. 1.13-52)
Chapter 14 Accounting for Health Care Organizations (pg. 1.14-1)
Introduction (pg. 1.14-2)
Health Care Service Providers (pg. 1.14-3)
Sources of Generally Accepted Accounting Principles (pg. 1.14-4)
Financial Reporting Framework (pg. 1.14-4)
Review 14-1 (pg. 1.14-6)
Patient Service Revenues (pg. 1.14-6)
Nature of Hospital Payment Systems (pg. 1.14-6)
New Recognition Requirements (pg. 1.14-6)
Accounting for Patient Service Revenues (pg. 1.14-7)
Illustration (pg. 1.14-8)
Accounting for Capitation Premiums (pg. 1.14-10)
Notes to Financial Statements Regarding Revenue Recognition and Charity Care (pg. 1.14-11)
Review 14-2 (pg. 1.14-12)
Contributions, Gains, and Investment Income (pg. 1.14-12)
Contributions without Donor Restrictions and Contributed Supplies (pg. 1.14-12)
Contributed Services (pg. 1.14-13)
Donor-Restricted Contributions (pg. 1.14-13)
Contributions Received by a Nonprofit Hospital’s Foundation (pg. 1.14-14)
Governmental Hospital Foundations (pg. 1.14-15)
Transactions Creating Assets Limited as to Use (pg. 1.14-16)
Other Revenues, Gains, and Operating Support (pg. 1.14-16)
Investment Income (pg. 1.14-17)
Review 14-3 (pg. 1.14-18)
Operating Expenses and Medical Malpractice Claims (pg. 1.14-18)
Operating Expenses (pg. 1.14-18)
Medical Malpractice Claims (pg. 1.14-19)
Review 14-4 (pg. 1.14-20)
Hospital Financial Statements (pg. 1.14-20)
Balance Sheet (pg. 1.14-22)
Statements of Operations and Changes in Net Assets (pg. 1.14-26)
Statement of Cash Flows (pg. 1.14-29)
Review 14-5 (pg. 1.14-29)
Questions (pg. 1.14-29)
Multiple Choice (pg. 1.14-30)
Exercises (pg. 1.14-32)
Problems (pg. 1.14-34)
Solutions to Chapter 14 In-Chapter Review Questions (pg. 1.14-39)
Chapter 15 Accounting for Colleges and Universities (pg. 1.15-1)
Types of Colleges and Universities and GAAP Reporting (pg. 1.15-3)
Types of and Organizational Structures for Colleges and Universities (pg. 1.15-3)
Sources of Generally Accepted Accounting Principles (pg. 1.15-4)
Financial Reporting Framework (pg. 1.15-4)
Review 15-1 (pg. 1.15-6)
GAAP Revenue and Expense Recognition (pg. 1.15-6)
Nature of Operations and Similarities and Differences by Structure (pg. 1.15-6)
Accounting for Tuition and Fee Revenue (pg. 1.15-7)
Accounting for Auxiliary Services Revenue (pg. 1.15-8)
Accounting for State and Local Appropriations Revenue (pg. 1.15-9)
Accounting for Expenses (pg. 1.15-11)
Review 15-2 (pg. 1.15-11)
Accounting for Contribution Revenue, Grants, and Contracts (pg. 1.15-12)
Accounting for Contribution Revenue (pg. 1.15-12)
Grant Revenue (pg. 1.15-16)
Contract Revenue (pg. 1.15-17)
Review 15-3 (pg. 1.15-19)
Unique College and University Accounting Issues (pg. 1.15-19)
Student Financial Aid and Scholarships (pg. 1.15-20)
Agreements between Public Colleges or Universities and their Nonprofit Foundations (pg. 1.15-21)
Review 15-4 (pg. 1.15-24)
Financial Statements of Colleges and Universities (pg. 1.15-24)
Public College and University Financial Statements (pg. 1.15-24)
Private, Nonprofit College and University Financial Statements (pg. 1.15-30)
Review 15-5 (pg. 1.15-35)
Questions (pg. 1.15-35)
Multiple Choice (pg. 1.15-36)
Exercises (pg. 1.15-38)
Problems (pg. 1.15-40)
Solutions to Chapter 15 In-Chapter Review Questions (pg. 1.15-41)
Chapter 16 Auditing Governmental and Nonprofit Organizations (pg. 1.16-1)
Goals of Auditing Governmental and Nonprofit Entities (pg. 1.16-3)
Review 16-1 (pg. 1.16-5)
Understanding Generally Accepted Government Auditing Standards (pg. 1.16-5)
Requirements of AICPA GAAS in a Financial Statement Audit (pg. 1.16-5)
Applicability of GAGAS versus GAAS in Financial Statement Audits (pg. 1.16-5)
How GAGAS Have Evolved (pg. 1.16-6)
Requirements of GAGAS in a Financial Statement Audit (pg. 1.16-7)
GAGAS Audit Report (pg. 1.16-12)
Review 16-2 (pg. 1.16-15)
Other Types of Assurance and Attestation Engagements for Government and Nonprofit Entities (pg. 1.16-16)
Performance Audits (pg. 1.16-16)
Attestation Engagements (pg. 1.16-16)
Review 16-3 (pg. 1.16-17)
Uniform Guidance Audits (Commonly Referred to as Single Audits) (pg. 1.16-18)
Purpose of the Uniform Guidance Audit (pg. 1.16-18)
Key Developments of the Uniform Guidance Audit (pg. 1.16-18)
Requirements of a Uniform Guidance Audit (pg. 1.16-19)
Uniform Guidance Audits and Federal Audit Clearinghouse (FAC) Submissions (pg. 1.16-21)
Uniform Guidance Audit Findings (pg. 1.16-23)
Uniform Guidance Audit Quality (pg. 1.16-23)
Review 16-4 (pg. 1.16-24)
Special Topics Applied to Government and Nonprofit Auditing (pg. 1.16-24)
Rational Decision-Making and Cognitive Biases (pg. 1.16-24)
Special-Purpose Frameworks and the Conducting of an Audit (pg. 1.16-26)
Review 16-5 (pg. 1.16-28)
Questions (pg. 1.16-28)
Multiple Choice (pg. 1.16-29)
Exercises (pg. 1.16-31)
Problems (pg. 1.16-34)
Solutions to Chapter 16 In-Chapter Review Questions (pg. 1.16-35)
Chapter 17 Fundamentals of Accounting (pg. 1.17-1)
The Accounting Equation: Transaction Analysis (pg. 1.17-3)
Effect of Transactions and Events on the Accounting Equation (pg. 1.17-4)
Changes in Equity (pg. 1.17-4)
Review 17-1 (pg. 1.17-9)
The Accrual Basis of Accounting (pg. 1.17-9)
Accruals, Deferrals, and Amortizations (pg. 1.17-10)
Illustration (pg. 1.17-10)
Review 17-2 (pg. 1.17-11)
Recording Transactions: Debits and Credits (pg. 1.17-11)
Journals, Ledgers, and Accounts (pg. 1.17-11)
Double-Entry Accounting-Debits and Credits (pg. 1.17-12)
Debit and Credit Analysis (pg. 1.17-12)
A More Complete Look at the Transaction Recording Process (pg. 1.17-17)
The Ledger and Posting (pg. 1.17-18)
Review 17-3 (pg. 1.17-22)
Financial Statements (pg. 1.17-22)
The Accounting Cycle (pg. 1.17-22)
The Trial Balance (pg. 1.17-22)
Adjusting Entries (pg. 1.17-22)
Preparing Financial Statements (pg. 1.17-23)
Financial Statement Worksheet (pg. 1.17-24)
Review 17-4 (pg. 1.17-25)
Closing the Books (pg. 1.17-25)
Review 17-5 (pg. 1.17-27)
Other Transactions and Other Matters (pg. 1.17-27)
Withdrawals by the Owner (pg. 1.17-27)
Control and Subsidiary Accounts (pg. 1.17-27)
Credit Sales and Bad Debts (pg. 1.17-27)
Buying and Selling Merchandise (pg. 1.17-28)
Review 17-6 (pg. 1.17-29)
Questions (pg. 1.17-29)
Multiple Choice (pg. 1.17-30)
Exercises (pg. 1.17-31)
Problems (pg. 1.17-35)
Solutions to Chapter 17 In-Chapter Review Questions (pg. 1.17-38)
Terry Patton

Terry Patton

Robert Madera Distinguished Professor of Accounting and Chair of the Accounting, Management Information Systems, and Legal Studies Department of the Dillard College of Business Administration at Midwestern State University in Wichita Falls, Texas

He received his bachelor’s degree from Midwestern State University, a master’s degree from the University of North Texas, and a PhD from Texas Tech University. He teaches governmental and nonprofit accounting, as well as auditing. 

Dr. Patton began his career in public accounting, where he audited local governments. Later, he served as a project manager and as the research manager for the Governmental Accounting Standards Board. He has coauthored a governmental accounting book for practitioners, Guide to Governmental Financial Reporting Model: Implementing GASBS No. 34, and another governmental accounting textbook published by Pearson Prentice Hall.

He has published articles in the Accounting Review, Accounting Horizons, the Journal of Accounting and Public Policy, and the Journal of Public Budgeting, Accounting, and Financial Management, among others. Dr. Patton regularly speaks to accounting professionals on state and local governmental accounting topics.

Dr. Patton has served as a board member on numerous nonprofit boards of directors. Currently, he serves on the board of the BBB Serving North Central Texas. He is also a board member and chair of United Regional Healthcare System and the Wichita Falls Alliance for Arts and Culture. 


Accounting for Governmental & Nonprofit Organizations, 2e (Patton, Patton, Waymire)
Errata
Last Updated: Aug 10 2021

Corrections to identified errors in the text.

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