This book describes recent improvements in governmental accounting, auditing, and financial reporting for school business officials. Applications of financial accounting and reporting principles in typical transactions of school systems are illustrated by questions, cases, and problems at the end of each chapter. The first of the two sections, "Basic Principles of Accounting for Elementary and Secondary School Systems," concerns accounting problems of school systems. Financial accounting and reporting principles are demonstrated by the fund and account group structure as recommended by school business organizations. Attention is focused on problems of cash flow, working capital, and causes of change in financial position of the general fund. This section develops budgetary accounting controls and financial reporting principles. The second section, "Accounting Principles as Applied to the Various Funds Used in Financial Administration of School Systems," addresses each fund and account group individually, showing how a school's financial structure can be divided into manageable, effective segments. The section includes the general fund, special revenue funds, capital project funds, and debt service funds. Financial transactions typical of those used in each fund and account group of a school system are illustrated. Interim and annual financial statements are given for formal budgetary type funds, and include balance sheets and statements comparing estimated or budgeted revenue with revenue realized. A glossary contains accounting terminology for school systems. (CJH)

Widely acknowledged as the most respected reference on school accounting, this book offers clear, detailed explanations of financial accounting and reporting as they apply to school system fund structures. Whether they are new to the field or have a background in accounting, school business officials will turn to this comprehensive book again and again for information on topics such as revenue and expenditure accounting, special revenue funds, capital projects funds, trust and agency funds, internal cash control, auditing, and using accounting information to measure fiscal health. Designed as a graduate-level textbook, the book is also a valuable resource for in-service programs.