Holdings: Advanced financial accounting

Advanced financial accounting:

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Bibliographic Details
Main Authors:	Baker, Richard E. (Author), Lembke, Valdean C. (Author), King, Thomas E. (Author)
Format:	Book
Language:	English
Published:	New York, NY u.a. MacGraw-Hill 1993
Edition:	2. ed.
Subjects:	Boekhouden Accounting Rechnungswesen Konzern Rechnungslegung USA Einführung Lehrbuch
Online Access:	Inhaltsverzeichnis
Physical Description:	XXVI, 1286 S. graph. Darst.
ISBN:	0070034478

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Record in the Search Index

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adam_text	CONTENTS Preface xx 1 Corporate Expansion and Accounting for Business Combinations 1 THE DEVELOPMENT OF MULTICORPORATE ENTITIES 2 Reasons for Corporate Expansion 2 Forms of Corporate Expansion 2 Frequency of Business Combinations and Multicorporate Entities 5 EXPANSION THROUGH BUSINESS COMBINATIONS 5 Types of Business Combinations 5 Methods of Effecting Business Combinations 6 Valuation of Business Entities 8 ACCOUNTING AND REPORTING ALTERNATIVES 9 PURCHASE ACCOUNTING 11 Nature of Purchase Treatment 11 Determining the Purchase Price 11 Combination Effected through Purchase of Net Assets 12 Combination Effected through Purchase of Stock 17 Financial Reporting Subsequent to a Purchase 18 Disclosure Requirements 18 POOLING OF INTERESTS ACCOUNTING 19 Nature of Pooling Treatment 20 Distinguishing Characteristics of Pooling 21 Combination Effected through Acquisition of Net Assets 22 Differences in Total Par Value 24 Combination Effected through Acquisition of Stock 27 Financial Reporting Subsequent to a Pooling 28 Disclosure Requirements 29 SUMMARY ILLUSTRATION OF PURCHASE AND POOLING ACCOUNTING 30 Purchase Accounting 30 Pooling of Interests Accounting 31 Earnings Subsequent to Combination 33 iu CONTENTS V ^ ADDITIONAL CONSIDERATIONS—CRITERIA FOR POOLING OF INTERESTS 34 Attributes of the Combining Companies 34 Manner of Combining Interests 35 Absence of Planned Transactions 37 SUMMARY OF KEY CONCEPTS AND TERMS 38 2 Reporting Intercorporate Investments in Common Stock 63 METHODS OF REPORTING INVESTMENTS IN COMMON STOCK 63 THE COST METHOD 65 Accounting Procedures under the Cost Method 65 Declaration of Dividends in Excess of Earnings since Acquisition 66 Acquisition at Interim Date 67 Changes in the Number of Shares Held 68 THE EQUITY METHOD 68 Use of the Equity Method 68 Investor s Equity in the Investee 69 Recognition of Income 70 Recognition of Dividends 70 Carrying Amount of the Investment 71 Acquisition at Interim Date 72 Difference between Cost of Investment and Underlying Book Value 72 Changes in the Number of Shares Held 76 THE COST AND EQUITY METHODS COMPARED 78 EVALUATION OF THE COST AND EQUITY METHODS 79 VALUATION OF INTERCORPORATE EQUITY INVESTMENTS 82 Declines in Value That Are Other than Temporary 83 Marketable Equity Securities 83 Valuation of Equity Investments Illustrated 84 ADDITIONAL CONSIDERATIONS RELATING TO THE EQUITY METHOD 86 Determination of Significant Influence 86 Unrealized Intercompany Profits 87 Additional Requirements of APB 18 89 Tax Allocation Procedures 89 Accounting for Investments in Subsidiaries 93 Accounting for Investments under Pooling of Interests Procedures 93 SUMMARY OF KEY CONCEPTS AND TERMS 97 3 The Reporting Entity and Consolidated Financial Statements 122 USEFULNESS OF CONSOLIDATED FINANCIAL STATEMENTS 123 Long Term Investors 123 Parent Company Management 124 Other Interested Parties 124 LIMITATIONS OF CONSOLIDATED FINANCIAL STATEMENTS 125 Vi CONTENTS SUBSIDIARY FINANCIAL STATEMENTS 125 THE CONSOLIDATED REPORTING DECISION: CONCEPTS AND STANDARDS 126 Controlling Financial Interest 126 Ability to Exercise Control 127 Permanence of Control 128 Differences in Fiscal Periods and Accounting Methods 128 Consolidated Financial Statements and Securities Regulations 128 The Changing Concept of the Reporting Entity 128 Control 129 Homogeneity of Operations 129 OVERVIEW OF THE CONSOLIDATION PROCESS 130 THE CONSOLIDATION PROCESS ILLUSTRATED 131 The Consolidated Entity 132 Mechanics of the Consolidation Process 136 NONCONTROLLING INTEREST 137 EFFECT OF PURCHASE VERSUS POOLING ACCOUNTING ON CONSOLIDATION 138 COMBINED FINANCIAL STATEMENTS 139 ADDITIONAL CONSIDERATIONS—THEORIES OF CONSOLIDATION 140 Proprietary Theory 140 Parent Company Theory 142 Entity Theory 143 Current Practice 144 SUMMARY OF KEY CONCEPTS AND TERMS 144 APPENDIX A: THEORIES OF CONSOLIDATION ILLUSTRATED 145 ILLUSTRATION OF THE EFFECTS OF DIFFERENT APPROACHES 148 NET ASSETS RECOGNIZED AT ACQUISITION 149 ELIMINATION OF UNREALIZED PROFITS 149 CONSOLIDATED NET INCOME 150 NONCONTROLLING INTEREST 150 APPENDIX B: ACCOUNTING FOR INTERCORPORA TE INVESTMENTS 151 4 Consolidation as of the Date of Acquisition 168 CONSOLIDATION WORKPAPERS 169 Workpaper Format 169 Nature of Eliminating Entries 170 PREPARATION OF CONSOLIDATED BALANCE SHEET IMMEDIATELY FOLLOWING ACQUISITION OF FULL OWNERSHIP 170 Full Ownership Purchased at Book Value 171 Full Ownership Purchased at More than Book Value 175 Treatment of a Positive Differential 176 Illustration of Treatment of Debit Differential 180 CONTENTS VH Full Ownership Purchased at Less than Book Value 183 Illustration of Treatment of Credit Differential 184 Ownership Purchased at More than Book Value and Less than Fair Value 186 PREPARATION OF CONSOLIDATED BALANCE SHEET IMMEDIATELY FOLLOWING ACQUISITION OF CONTROLLING INTEREST 186 Controlling Ownership Purchased at Book Value 187 Controlling Ownership Purchased at More than Book Value 189 Illustration of Treatment of Debit Differential 189 Controlling Ownership Purchased at Less than Book Value 192 Effect of Cost versus Equity on Consolidation 192 Intercorporate Receivables and Payables 192 ADDITIONAL CONSIDERATIONS 193 Asset and Liability Valuation Accounts at Acquisition 193 Negative Retained Earnings of Subsidiary at Acquisition 195 Other Stockholders Equity Accounts 195 Push Down Accounting 196 SUMMARY OF KEY CONCEPTS AND TERMS 197 5 Consolidation following Acquisition 217 OVERVIEW OF THE CONSOLIDATION PROCESS 217 Consolidated Net Income 218 Consolidated Retained Earnings 219 Workpaper Format 222 CONSOLIDATION—100 PERCENT OWNERSHIP 223 Year of Combination 224 Second and Subsequent Years of Ownership 228 CONSOLIDATION—CONTROLLING OWNERSHIP PURCHASED AT BOOK VALUE 231 Year of Combination 231 Second Year of Ownership 235 CONSOLIDATION—CONTROLLING OWNERSHIP PURCHASED AT MORE THAN BOOK VALUE 237 Year of Combination 238 Second Year of Ownership 244 CONSOLIDATION FOLLOWING AN INTERIM ACQUISITION 249 Parent Company Entries 251 Consolidation Workpaper 251 DISCONTINUANCE OF CONSOLIDATION 254 ADDITIONAL CONSIDERATIONS RELATING TO THE ASSIGNMENT OF DIFFERENTIAL 255 Disposal of Differential Related Assets by Subsidiary 255 Differential Assigned to Liabilities 257 SUMMARY OF KEY CONCEPTS AND TERMS 258 viii contents APPENDIX A: CONSOLIDATION AND THE COST METHOD 259 IMPACT ON THE CONSOLIDATION PROCESS 259 CONSOLIDATION—YEAR OF COMBINATION 259 Parent Company Cost Method Entries 259 Consolidation Workpaper—Year of Combination 260 CONSOLIDATION—SECOND YEAR OF OWNERSHIP 262 Parent Company Cost Method Entry 262 Consolidation Workpaper—Second Year following Combination 263 Consolidated Retained Earnings 266 APPENDIX B: PUSH DOWN ACCOUNTING ILLUSTRATED 267 WORKPAPER REVALUATION 267 PUSH DOWN ACCOUNTING 268 6 Intercorporate Transfers: Noncurrent Assets 301 OVERVIEW OF THE CONSOLIDATED ENTITY 301 Elimination of Intercorporate Transfers 302 Elimination of Unrealized Profits and Losses 303 ASSET TRANSFERS INVOLVING LAND 305 Overview of the Profit Elimination Process 305 Assignment of Unrealized Profit Elimination 307 Downstream Sale 309 Upstream Sale 313 Eliminating Unrealized Profits after the First Year 317 Subsequent Disposition of Asset 318 ASSET TRANSFERS INVOLVING DEPRECIABLE ASSETS 320 Downstream Sale 320 Change in Estimated Life of Asset Sold to Subsidiary 331 Upstream Sale 332 Asset Transfers before Year End 339 ASSET TRANSFERS INVOLVING AMORTIZABLE ASSETS 339 SUMMARY OF KEY CONCEPTS AND TERMS 339 APPENDIX: INTERCORPORATE TRANSFERS OF NONCURRENT ASSETS—FULLY ADJUSTED EQUITY METHOD AND COST METHOD 340 FULLY ADJUSTED EQUITY METHOD 340 Fully Adjusted Equity Method Entries—19X1 341 Consolidation Workpaper—19X1 342 Fully Adjusted Equity Method Entries—19X2 345 Consolidation Workpaper—19X2 345 COST METHOD 348 Consolidation Workpaper—19X1 348 Consolidation Workpaper—19X2 350 CONTENTS iX 7 Intercompany Inventory Transactions 372 GENERAL OVERVIEW 372 Transfers at Cost 373 Transfers at a Profit or Loss 373 Effect of Type of Inventory System 374 DOWNSTREAM SALE—PERPETUAL INVENTORY SYSTEM 374 Resale in Period of Intercorporate Transfer 375 Resale in Period following Intercorporate Transfer 376 Inventory Held Two or More Periods 384 UPSTREAM SALE—PERPETUAL INVENTORY SYSTEM 384 Basic Equity Method Entries—19X1 385 Consolidation Workpaper—19X1 386 Consolidated Net Income—19X1 388 Basic Equity Method Entries—19X2 388 Consolidation Workpaper—19X2 389 Consolidated Net Income—19X2 389 INTERCOMPANY TRANSFERS UNDER A PERIODIC INVENTORY SYSTEM 391 Resale in Period of Intercorporate Transfer 392 Resale in Period following Intercorporate Transfer 392 Inventory Held Two or More Periods 399 SUMMARY COMPARISON OF INTERCOMPANY INVENTORY TRANSACTIONS 399 ADDITIONAL CONSIDERATIONS 399 Sale from One Subsidiary to Another 399 Costs Associated with Transfers 402 Lower of Cost or Market 402 Sales and Purchases before Affiliation 403 SUMMARY OF KEY CONCEPTS AND TERMS 404 APPENDIX A: COMPREHENSIVE EXAMPLE OF INTERCOMPANY INVENTORY TRANSACTIONS 404 BASIC EQUITY METHOD—19X2 405 INCOME ASSIGNED TO NONCONTROLLING INTEREST—19X2 405 BALANCE OF NONCONTROLLING INTEREST—DECEMBER 31, 19X2 406 CONSOLIDATION WORKPAPER, 19X2—PERPETUAL INVENTORY SYSTEM 406 CONSOLIDATION WORKPAPER, 19X2—PERIODIC INVENTORY SYSTEM 407 APPENDIX B: INTERCOMPANY INVENTORY TRANSACTIONS— FULLY ADJUSTED EQUITY METHOD AND COST METHOD 410 FULLY ADJUSTED EQUITY METHOD 410 Fully Adjusted Equity Method Entries—19X1 410 Consolidation Elimination Entries—19X1 410 X CONTENTS Fully Adjusted Equity Method Entries—19X2 411 Investment Account Balance 412 Consolidation Elimination Entries—19X2 412 COST METHOD 413 Consolidation Elimination Entries—19X1 413 Consolidation Elimination Entries—19X2 414 8 Intercompany Indebtedness 442 CONSOLIDATION OVERVIEW 442 BOND SALE DIRECTLY TO AN AFFILIATE 444 Transfer at Par Value 444 Transfer at a Discount or Premium 445 BONDS OF AFFILIATE PURCHASED FROM A NONAFFILIATE 448 Purchase at Book Value 449 Purchase at an Amount Less than Book Value 449 Purchase at an Amount Greater than Book Value 463 ADDITIONAL CONSIDERATIONS—INTERCORPORATE LEASING TRANSACTIONS 464 Operating Leases 465 Direct Financing Leases 465 Sales Type Leases 467 SUMMARY OF KEY CONCEPTS AND TERMS 470 APPENDIX: INTERCOMPANY INDEBTEDNESS—FULLY ADJUSTED EQUITY METHOD AND COST METHOD 471 FULLY ADJUSTED EQUITY METHOD 471 Fully Adjusted Equity Method Entries—19X1 471 Consolidation Elimination Entries—19X1 472 Fully Adjusted Equity Method Entries—19X2 472 Investment Account—19X2 473 Consolidation Elimination Entries—19X2 474 COST METHOD 474 Consolidation Elimination Entries—19X1 474 Consolidation Elimination Entries—19X2 475 9 Consolidation Ownership Issues 498 SUBSIDIARY PREFERRED STOCK OUTSTANDING 498 Consolidation with Subsidiary Preferred Stock Outstanding 499 Subsidiary Preferred Stock Held by Parent 500 Subsidiary Preferred Stock with Special Provisions 503 Illustration of Subsidiary Preferred Stock with Special Features 504 CHANGES IN PARENT COMPANY OWNERSHIP 506 Parent s Purchase of Additional Shares from Nonaffiliate 506 Parent s Sale of Subsidiary Shares to Nonaffiliate 509 CONTENTS XI Subsidiary s Sale of Additional Shares to Nonaffiliate 513 Subsidiary s Sale of Additional Shares to Parent 516 Subsidiary s Purchase of Shares from Nonaffiliate 518 Subsidiary s Purchase of Shares from Parent 520 COMPLEX OWNERSHIP STRUCTURES 522 Multilevel Ownership and Control 522 Reciprocal Ownership 528 SUBSIDIARY STOCK DIVIDENDS 533 Illustration of Subsidiary Stock Dividends 533 Impact on Subsequent Periods 534 SUMMARY OF KEY CONCEPTS AND TERMS 535 APPENDIX: ILLUSTRATION OF CONSOLIDATED NET INCOME COMPUTATION IN A COMPLEX OWNERSHIP SITUATION 536 10 Additional Consolidation Reporting Issues 557 CONSOLIDATED STATEMENT OF CASH FLOWS 557 Preparation of a Consolidated Cash Flow Statement 557 Consolidated Cash Flow Statement Illustrated 558 CONSOLIDATION FOLLOWING A POOLING OF INTERESTS 561 Carryforward of Account Balances 562 Consolidated Stockholders Equity after a Pooling of Interests 562 Consolidation at Date of Combination 563 Consolidation Subsequent to Date of Combination 564 Consolidation following an Interim Acquisition 567 CONSOLIDATION INCOME TAX ISSUES 570 Allocating Tax Expense When a Consolidated Return Is Filed 570 Tax Effects of Unrealized Intercompany Profit Eliminations 572 CONSOLIDATED EARNINGS PER SHARE 577 Computation of Consolidated Earnings per Share 577 Computation of Consolidated Earnings per Share Illustrated 578 SUMMARY OF KEY CONCEPTS AND TERMS 581 11 Accounting for Branch Operations 610 DISTINCTION BETWEEN SALES AGENCY AND BRANCH 610 ACCOUNTING SYSTEMS AND THE ACCOUNTING ENTITY 611 ACCOUNTING FOR SALES AGENCIES 612 ACCOUNTING FOR BRANCH OPERATIONS 612 Intracompany Accounts 614 Establishment of Branch 615 Recognition of Branch Income 616 Merchandise Shipments to a Branch 617 Accounting for Branch Fixed Assets 620 XH CONTENTS Apportionment of Expenses 621 Financial Statements for the Company as a Whole 622 Accounting for Branch Operations Illustrated 625 ADDITIONAL CONSIDERATIONS 627 Transactions between Branches 627 Unrealized Profits in Beginning Branch Inventory 632 Use of a Periodic Inventory System 632 Divisional Reporting 633 SUMMARY OF KEY CONCEPTS AND TERMS 634 12 Multinational Accounting: Foreign Currency Transactions 651 THE ACCOUNTING ISSUES 652 FOREIGN CURRENCY EXCHANGE RATES 653 The Determination of Exchange Rates 653 Direct versus Indirect Exchange Rates 653 Changes in Exchange Rates 655 Spot Rates versus Current Rates 658 Forward Exchange Rates 658 FOREIGN CURRENCY TRANSACTIONS 658 Foreign Currency Import and Export Transactions 660 Forward Exchange Contracts 665 Foreign Exchange Matrix 678 ADDITIONAL CONSIDERATIONS 678 Interperiod Tax Allocation for Foreign Currency Gains (Losses) 678 Hedges of a Net Investment in a Foreign Entity 679 SUMMARY OF KEY CONCEPTS AND TERMS 680 13 Multinational Accounting: Translation of Foreign Entity Statements 696 DIFFERENCES IN ACCOUNTING PRINCIPLES 697 DETERMINING THE FUNCTIONAL CURRENCY 698 Functional Currency Designation in Highly Inflationary Economies 699 TRANSLATION VERSUS REMEASUREMENT OF FOREIGN FINANCIAL STATEMENTS 700 TRANSLATION OF FUNCTIONAL CURRENCY STATEMENTS INTO THE REPORTING CURRENCY OF THE U.S. COMPANY 702 Balance Sheet Presentation of Cumulative Translation Adjustment 703 Illustration of Translation and Consolidation of a Foreign Subsidiary 703 REMEASUREMENT OF THE BOOKS OF RECORD INTO THE FUNCTIONAL CURRENCY 716 Statement Presentation of Remeasurement Gain or Loss 718 Illustration of Remeasurement of a Foreign Subsidiary 718 Summary of Translation versus Remeasurement 722 CONTENTS Xiii FOREIGN INVESTMENTS AND UNCONSOLIDATED SUBSIDIARIES 723 Liquidation of a Foreign Investment 724 DISCLOSURE REQUIREMENTS 724 ADDITIONAL CONSIDERATIONS IN ACCOUNTING FOR FOREIGN OPERATIONS AND ENTITIES 726 Proof of Remeasurement Exchange Gain 726 Statement of Cash Flows 728 Lower of Cost or Market Inventory Valuation under Remeasurement 728 Intercompany Transactions 729 Income Taxes 731 Translation When a Third Currency is the Functional Currency 731 SUMMARY OF KEY CONCEPTS AND TERMS 732 14 Segment and Interim Reporting 752 REPORTING FOR SEGMENTS 752 SEGMENT REPORTING ACCOUNTING ISSUES 752 INFORMATION ABOUT OPERATIONS IN DIFFERENT INDUSTRIES 753 Defining Reportable Segments 754 Comprehensive Disclosure Tests 763 Reporting Segment Information 764 INFORMATION ABOUT FOREIGN OPERATIONS AND EXPORT SALES 765 Defining Reportable Foreign Operations 766 Required Foreign Operations Disclosures 770 Reporting Export Sales 770 INFORMATION ABOUT MAJOR CUSTOMERS 770 INTERIM FINANCIAL REPORTING 771 THE FORMAT OF THE INTERIM FINANCIAL REPORT 772 ACCOUNTING ISSUES 772 Discrete versus Integral View of Interim Reporting 773 Accounting Pronouncements on Interim Reporting 773 REPORTING STANDARDS FOR INTERIM INCOME STATEMENTS 774 Revenue 774 Cost of Goods Sold and Inventory 775 All Other Costs and Expenses 780 Accounting for Income Taxes in Interim Periods 782 Disposal of a Segment or Extraordinary, Unusual, Infrequently Occurring, and Contingent Items 786 ACCOUNTING CHANGES IN INTERIM PERIODS 787 Cumulative Effect Accounting Changes 787 Retroactive Type Accounting Changes 787 Adoption of LIFO 788 SUMMARY OF KEY CONCEPTS AND TERMS 788 XJV CONTENTS 15 SEC Reporting 809 HISTORY OF SECURITIES REGULATION 809 SECURITIES AND EXCHANGE COMMISSION 811 Organizational Structure of the Commission 811 Laws Administered by the SEC 812 The Regulatory Structure 812 INTEGRATED DISCLOSURE SYSTEM 814 ISSUING SECURITIES: THE REGISTRATION PROCESS 816 The Registration Statement 817 SEC Review and Public Offering 817 Accountants Legal Liability in the Registration Process 818 PERIODIC REPORTING REQUIREMENTS 818 Accountants Legal Liability in Periodic Reporting 820 FOREIGN CORRUPT PRACTICES ACT OF 1977 820 CORPORATE GOVERNANCE ACTIVITIES 821 THE SEC S POLICY SETTING RESPONSIBILITIES 822 MAJOR DISCLOSURE REQUIREMENTS 824 Management Discussion and Analysis 824 Annual Report Disclosures 825 Specialized Industry Disclosures 828 Information Outside Financial Statements 829 ADDITIONAL CONSIDERATIONS 830 Influence on the Practice of Auditing 830 AlCPA s Division of Firms 831 SUMMARY OF KEY CONCEPTS AND TERMS 831 16 Partnerships: Formation, Operation, and Changes in Membership 845 NATURE OF PARTNERSHIP ENTITY 846 Definition of a Partnership 846 Formation of a Partnership 846 Other Major Characteristics of Partnerships 847 ACCOUNTING FOR THE FORMATION OF A PARTNERSHIP 848 Illustration of Accounting for Partnership Formation 848 ACCOUNTING FOR OPERATIONS OF A PARTNERSHIP 850 Partners Accounts 850 ALLOCATING PROFIT OR LOSS TO PARTNERS 851 Illustrations of Profit Allocation 853 Multiple Bases of Profit Allocation 856 Special Profit Allocation Methods 857 PARTNERSHIP FINANCIAL STATEMENTS 857 CHANGES IN MEMBERSHIP 858 New Partner Purchases an Interest 859 New Partner Invests in Partnership 861 CONTENTS XV Determining a New Partner s Investment Cost 875 Retirement of a Partner from the Partnership 876 SUMMARY OF KEY CONCEPTS AND TERMS 878 APPENDIX A: TAX ASPECTS OF A PARTNERSHIP 879 APPENDIX B: JOINT VENTURES 881 17 Partnerships: Liquidations 903 OVERVIEW OF PARTNERSHIP LIQUIDATIONS 903 Dissolution, Termination, and Liquidation of a Partnership 904 Priority of Claims 905 LUMP SUM LIQUIDATIONS 908 Realization of Assets gO8 Expenses of Liquidation 909 Illustration of Lump Sum Liquidation gog INSTALLMENT LIQUIDATIONS 915 Illustration of Installment Liquidation gi5 Cash Distribution Plan 920 ADDITIONAL CONSIDERATIONS 923 Incorporation of a Partnership 923 SUMMARY OF KEY CONCEPTS AND TERMS 926 APPENDIX: PARTNERS PERSONAL FINANCIAL STATEMENTS 927 ILLUSTRATION OF PERSONAL FINANCIAL STATEMENTS 928 Statement of Financial Condition 928 Statement of Changes in Net Worth 929 Footnote Disclosures 931 18 Governmental Entities: Introduction and General Fund Accounting 949 EXPENDABILITY OF RESOURCES VERSUS CAPITAL MAINTENANCE OBJECTIVES 950 FINANCIAL REPORTING OF GOVERNMENTAL ENTITIES 951 HISTORY OF GOVERNMENTAL ACCOUNTING 952 DEFINITIONS AND TYPES OF FUNDS 953 Types of Funds and Account Groups 954 MEASUREMENT FOCUS AND BASIS OF ACCOUNTING 958 Basis of Accounting—Government Funds 960 Basis of Accounting—Proprietary Funds 962 Basis of Accounting—Fiduciary Funds 962 BUDGETARY ASPECTS OF GOVERNMENT OPERATIONS 953 Recording the Operating Budget g64 XVi CONTENTS ACCOUNTING FOR EXPENDITURES 965 The Expenditure Process 965 Classification of Expenditure Transactions and Accounts 967 Outstanding Encumbrances at End of Fiscal Period 969 Expenditures for Inventory 973 Accounting for Prepayments and Fixed Assets 975 Long Term Debt and Capital Leases 977 INTERFUND TRANSFERS AND TRANSACTIONS 978 Quasi External Transactions 978 Reimbursements 979 Financing Transactions: Loans and Advances 980 Operating Transfers 980 Residual Equity Transfers 981 OVERVIEW OF ACCOUNTING AND FINANCIAL REPORTING FOR GENERAL FUND 983 COMPREHENSIVE ILLUSTRATION OF ACCOUNTING FOR THE GENERAL FUND 983 Adoption of the Budget 983 Property Tax Levy and Collection 985 Other Revenue 986 Expenditures 987 Acquisition of Capital Asset 988 Interfund Transfers and Transactions 988 Adjusting Entries 989 Closing Entries 990 Financial Statements for the General Fund 992 SUMMARY OF KEY CONCEPTS AND TERMS 995 19 Governmental Entities: Special Funds and Account Groups 1017 SPECIAL REVENUE FUNDS 1019 CAPITAL PROJECTS FUNDS 1019 Illustration of Transactions 1021 Financial Statements for Capital Projects Funds 1024 DEBT SERVICE FUNDS 1024 Illustration of Transactions 1026 Financial Statements for Debt Service Funds 1029 GENERAL FIXED ASSETS ACCOUNT GROUP (GFAAG) 1030 Illustration of Accounting in General Fixed Assets Account Group 1031 Financial Statement for General Fixed Assets Account Group 1033 GENERAL LONG TERM DEBT ACCOUNT GROUP (GLTDAG) 1034 Illustration of Accounting in General Long Term Debt Account Group 1034 Financial Statement for General Long Term Debt Account Group 1036 CONTENTS XVH ENTERPRISE FUNDS 1036 Illustration of Transactions 1037 Financial Statements for Enterprise Funds 1039 INTERNAL SERVICE FUNDS 1042 Illustration of Transactions 1042 Financial Statements for Internal Service Funds 1044 TRUST FUNDS 1044 Illustration of Nonexpendable Trust Fund 1044 Illustration of Expendable Trust Fund 1048 Financial Statements for the Trust Funds 1048 AGENCY FUNDS 1050 Illustration of Transactions in an Agency Fund 1051 FINANCIAL REPORTING FOR A GOVERNMENT UNIT 1052 The Financial Reporting Pyramid 1052 The Reporting Entity 1053 General Purpose Financial Statements (GPFS) 1057 Comprehensive Annual Financial Report (CAFR) 1058 Interim Reporting 1058 Auditing Government Entities 1058 ADDITIONAL CONSIDERATIONS 1059 Accounting for Pension Trust Funds 1059 SUMMARY OF KEY CONCEPTS AND TERMS 1060 APPENDIX: OTHER GOVERNMENTAL ENTITIES—PUBLIC SCHOOL SYSTEMS AND THE FEDERAL GOVERNMENT 1060 PUBLIC SCHOOL SYSTEMS 1061 Accounting and Financial Reporting for Public School Systems 1061 FEDERAL GOVERNMENT ACCOUNTING 1061 Federal Agency Accounting 1062 Audits of Federal Agencies 1064 20 Not for Profit Entities: Colleges and Universities 1088 OVERVIEW OF ACCOUNTING FOR COLLEGES AND UNIVERSITIES 1088 Fund Structure for Colleges and Universities 1089 UNRESTRICTED CURRENT FUND 1090 Special Conventions of Revenue and Expenditure Recognition 1092 Transfers and Board Designated Funds 1093 Investments 1094 Contributions 1094 Depreciation 1095 Illustration of Transactions 1096 xviii contents RESTRICTED CURRENT FUND 1104 Illustration of Transactions 1105 Financial Statements for the Restricted Current Fund 1107 LOAN FUNDS 1108 Illustration of Transactions 1108 ENDOWMENT AND SIMILAR FUNDS 1112 Illustration of Transactions 1113 ANNUITY AND LIFE INCOME FUNDS 1115 Illustration of Transactions 1116 PLANT FUNDS 1118 Depreciation 1120 Illustration of Transactions in Unexpended Plant Fund 1120 Illustration of Transactions in Renewals and Replacements 1123 Illustration of Transactions in Retirement of Indebtedness 1124 Illustration of Transactions in Investment in Plant 1126 AGENCY FUNDS 1128 Illustration of Transactions 1128 FINANCIAL REPORTING FOR A UNIVERSITY ENTITY 1129 SUMMARY OF KEY CONCEPTS AND TERMS 1132 21 Not for Profit Entities: Health Care Providers, Voluntary Health and Welfare Organizations, and Other Entities 1153 HEALTH CARE PROVIDERS 1153 Hospital Accounting 1154 Financial Statements for a Hospital 1156 Comprehensive Illustration of Hospital Accounting and Financial Reporting 1160 Summary of Hospital Accounting and Financial Reporting 1174 VOLUNTARY HEALTH AND WELFARE ORGANIZATIONS 1174 Accounting for a VHWO 1175 Financial Statements for a VHWO 1177 Summary of Accounting and Financial Reporting for VHWOs 1187 OTHER NOT FOR PROFIT ENTITIES 1189 Accounting for ONPOs 1189 Financial Statements for an ONPO 1193 Summary of Accounting and Financial Reporting for ONPOs 1197 SUMMARY OF KEY CONCEPTS AND TERMS 1197 22 Corporations in Financial Difficulty 1222 COURSES OF ACTION 1223 Nonjudicial Actions 1223 Judicial Actions 1224 CONTENTS XiX TROUBLED DEBT RESTRUCTURING 1225 Illustration of Troubled Debt Restructurings 1227 Other Considerations 1233 CHAPTER 11 REORGANIZATIONS 1234 Fresh Start Accounting 1236 Plan of Reorganization 1237 Illustration of a Reorganization 1237 CHAPTER 7 LIQUIDATIONS 1247 Classes of Creditors 1247 Statement of Affairs 1248 ADDITIONAL CONSIDERATIONS 1250 Trustee Accounting and Reporting 1251 Bankruptcy Provisions for Individuals 1258 SUMMARY OF KEY CONCEPTS AND TERMS 1259 Index 1279
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genre	(DE-588)4151278-9 Einführung gnd-content (DE-588)4123623-3 Lehrbuch gnd-content
genre_facet	Einführung Lehrbuch
geographic	USA (DE-588)4078704-7 gnd
geographic_facet	USA
id	DE-604.BV007995729
illustrated	Illustrated
indexdate	2024-07-09T17:12:47Z
institution	BVB
isbn	0070034478
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-005265449
oclc_num	25549672
open_access_boolean
owner	DE-473 DE-BY-UBG DE-703
owner_facet	DE-473 DE-BY-UBG DE-703
physical	XXVI, 1286 S. graph. Darst.
publishDate	1993
publishDateSearch	1993
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publisher	MacGraw-Hill
record_format	marc
spelling	Baker, Richard E. Verfasser aut Advanced financial accounting Richard E. Baker ; Valdean C. Lembke ; Thomas E. King 2. ed. New York, NY u.a. MacGraw-Hill 1993 XXVI, 1286 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Boekhouden gtt Accounting Rechnungswesen (DE-588)4048732-5 gnd rswk-swf Konzern (DE-588)4032356-0 gnd rswk-swf Rechnungslegung (DE-588)4128343-0 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf (DE-588)4151278-9 Einführung gnd-content (DE-588)4123623-3 Lehrbuch gnd-content USA (DE-588)4078704-7 g Konzern (DE-588)4032356-0 s Rechnungslegung (DE-588)4128343-0 s 1\p DE-604 Rechnungswesen (DE-588)4048732-5 s 2\p DE-604 Lembke, Valdean C. Verfasser aut King, Thomas E. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005265449&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk
spellingShingle	Baker, Richard E. Lembke, Valdean C. King, Thomas E. Advanced financial accounting Boekhouden gtt Accounting Rechnungswesen (DE-588)4048732-5 gnd Konzern (DE-588)4032356-0 gnd Rechnungslegung (DE-588)4128343-0 gnd
subject_GND	(DE-588)4048732-5 (DE-588)4032356-0 (DE-588)4128343-0 (DE-588)4078704-7 (DE-588)4151278-9 (DE-588)4123623-3
title	Advanced financial accounting
title_auth	Advanced financial accounting
title_exact_search	Advanced financial accounting
title_full	Advanced financial accounting Richard E. Baker ; Valdean C. Lembke ; Thomas E. King
title_fullStr	Advanced financial accounting Richard E. Baker ; Valdean C. Lembke ; Thomas E. King
title_full_unstemmed	Advanced financial accounting Richard E. Baker ; Valdean C. Lembke ; Thomas E. King
title_short	Advanced financial accounting
title_sort	advanced financial accounting
topic	Boekhouden gtt Accounting Rechnungswesen (DE-588)4048732-5 gnd Konzern (DE-588)4032356-0 gnd Rechnungslegung (DE-588)4128343-0 gnd
topic_facet	Boekhouden Accounting Rechnungswesen Konzern Rechnungslegung USA Einführung Lehrbuch
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005265449&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT bakerricharde advancedfinancialaccounting AT lembkevaldeanc advancedfinancialaccounting AT kingthomase advancedfinancialaccounting

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