MICHAEL H. GRANOF is a Distinguished Centennial Professor of Accounting Emeritus at The University of Texas at Austin. A leading expert in governmental and not-for-profit accounting, he has authored multiple textbooks, including Financial Accounting: Principles and Issues and Accounting for Managers. He served two five-year terms on both the Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory Board (FASAB). SALEHA B. KHUMAWALA is a Professor and Executive Director of the Dakri Center for Economic Inclusion at the University of Houston, specializing in governmental and not-for-profit accounting. She holds a PhD. from the University of North Carolina at Chapel Hill and has published extensively in top accounting journals. A past president of the Government and Nonprofit Section of the American Accounting Association, she is a recognized authority in her field and a dedicated educator. THAD D. CALABRESE is a Professor at New York University, where he teaches public and not-for-profit financial management. Holding a PhD in Public Administration from NYU, he has worked in government finance and as a consultant for not-for-profit organizations. He is a former member of the Governmental Accounting Standards Advisory Council and has published research in leading academic journals and co-authored several books, including Financial Management for Public, Health, and Not-for-Profit Organizations. DEAN MICHAEL MEAD is Partner and Government & Public Sector Sub-Line Leader at CRI Advisors LLC. Previously, he served for 24 years on the staff of the GASB and GASAC. He was an adjunct professor at Rutgers Business School for 13 years, where he taught government and not-for-profit accounting, auditing, and financial analysis. A Certified Government Financial Manager (CGFM), he is the author of numerous articles and books, including the GASB’s award-winning user guides to financial statements, and is a nationally renowned speaker.

• Preface xxiiiCommon Governmental and Not-for-Profit Acronyms xxixAbout the Instructor Companion Website xxxiii1 The Government and Not- for- Profit Environment 12 Fund Accounting 403 Issues of Budgeting and Control 1004 Recognizing Revenues 1455 Recognizing Expenditures and Expenses 1916 Accounting for Capital Projects and Debt Service 2407 Capital Assets and Investments in Marketable Securities 2868 Long- Term Obligations 3289 Business- Type Activities 37610 Pensions and Other Fiduciary Activities 43711 Issues of Reporting, Disclosure, and Financial Analysis 47812 Not- for- Profit Organizations 53213 Colleges and Universities 59514 Health- Care Providers 63015 Auditing Governments and Not- for- Profit Organizations 66516 Federal Government Accounting 71117 Managing for Results 752Glossary G- 1Index I- 1

MICHAEL H. GRANOF is a Distinguished Centennial Professor of Accounting Emeritus at The University of Texas at Austin. A leading expert in governmental and not-for-profit accounting, he has authored multiple textbooks, including Financial Accounting: Principles and Issues and Accounting for Managers. He served two five-year terms on both the Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory Board (FASAB). SALEHA B. KHUMAWALA is a Professor and Executive Director of the Dakri Center for Economic Inclusion at the University of Houston, specializing in governmental and not-for-profit accounting. She holds a PhD. from the University of North Carolina at Chapel Hill and has published extensively in top accounting journals. A past president of the Government and Nonprofit Section of the American Accounting Association, she is a recognized authority in her field and a dedicated educator. THAD D. CALABRESE is a Professor at New York University, where he teaches public and not-for-profit financial management. Holding a PhD in Public Administration from NYU, he has worked in government finance and as a consultant for not-for-profit organizations. He is a former member of the Governmental Accounting Standards Advisory Council and has published research in leading academic journals and co-authored several books, including Financial Management for Public, Health, and Not-for-Profit Organizations. DEAN MICHAEL MEAD is Partner and Government & Public Sector Sub-Line Leader at CRI Advisors LLC. Previously, he served for 24 years on the staff of the GASB and GASAC. He was an adjunct professor at Rutgers Business School for 13 years, where he taught government and not-for-profit accounting, auditing, and financial analysis. A Certified Government Financial Manager (CGFM), he is the author of numerous articles and books, including the GASB’s award-winning user guides to financial statements, and is a nationally renowned speaker.

• Preface xxiiiCommon Governmental and Not-for-Profit Acronyms xxixAbout the Instructor Companion Website xxxiii1 The Government and Not- for- Profit Environment 12 Fund Accounting 403 Issues of Budgeting and Control 1004 Recognizing Revenues 1455 Recognizing Expenditures and Expenses 1916 Accounting for Capital Projects and Debt Service 2407 Capital Assets and Investments in Marketable Securities 2868 Long- Term Obligations 3289 Business- Type Activities 37610 Pensions and Other Fiduciary Activities 43711 Issues of Reporting, Disclosure, and Financial Analysis 47812 Not- for- Profit Organizations 53213 Colleges and Universities 59514 Health- Care Providers 63015 Auditing Governments and Not- for- Profit Organizations 66516 Federal Government Accounting 71117 Managing for Results 752Glossary G- 1Index I- 1

MICHAEL H. GRANOF is a Distinguished Centennial Professor of Accounting Emeritus at The University of Texas at Austin. A leading expert in governmental and not-for-profit accounting, he has authored multiple textbooks, including Financial Accounting: Principles and Issues and Accounting for Managers. He served two five-year terms on both the Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory Board (FASAB). SALEHA B. KHUMAWALA is a Professor and Executive Director of the Dakri Center for Economic Inclusion at the University of Houston, specializing in governmental and not-for-profit accounting. She holds a PhD. from the University of North Carolina at Chapel Hill and has published extensively in top accounting journals. A past president of the Government and Nonprofit Section of the American Accounting Association, she is a recognized authority in her field and a dedicated educator. THAD D. CALABRESE is a Professor at New York University, where he teaches public and not-for-profit financial management. Holding a PhD in Public Administration from NYU, he has worked in government finance and as a consultant for not-for-profit organizations. He is a former member of the Governmental Accounting Standards Advisory Council and has published research in leading academic journals and co-authored several books, including Financial Management for Public, Health, and Not-for-Profit Organizations. DEAN MICHAEL MEAD is Partner and Government & Public Sector Sub-Line Leader at CRI Advisors LLC. Previously, he served for 24 years on the staff of the GASB and GASAC. He was an adjunct professor at Rutgers Business School for 13 years, where he taught government and not-for-profit accounting, auditing, and financial analysis. A Certified Government Financial Manager (CGFM), he is the author of numerous articles and books, including the GASB’s award-winning user guides to financial statements, and is a nationally renowned speaker.

• Preface xxiiiCommon Governmental and Not-for-Profit Acronyms xxixAbout the Instructor Companion Website xxxiii1 The Government and Not- for- Profit Environment 12 Fund Accounting 403 Issues of Budgeting and Control 1004 Recognizing Revenues 1455 Recognizing Expenditures and Expenses 1916 Accounting for Capital Projects and Debt Service 2407 Capital Assets and Investments in Marketable Securities 2868 Long- Term Obligations 3289 Business- Type Activities 37610 Pensions and Other Fiduciary Activities 43711 Issues of Reporting, Disclosure, and Financial Analysis 47812 Not- for- Profit Organizations 53213 Colleges and Universities 59514 Health- Care Providers 63015 Auditing Governments and Not- for- Profit Organizations 66516 Federal Government Accounting 71117 Managing for Results 752Glossary G- 1Index I- 1