Chapter+3+HW+Solutions+to+Cases - information system...

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Chap 3 HW Solutions to Cases 3. a. In most states, charter schools (or public school academies) are considered public schools receiving public funds. Consequently, these schools should follow GASB standards in order to ensure that financial statements conform to generally accepted accounting principles. Generally, these schools are small and may only have need for a General Fund and a special revenue fund for their food service program. The revenue and expense classification scheme described in the Appendix to Chapter 3, based on NCES guidance, is an appropriate starting place for building a chart of accounts and an accounting
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Unformatted text preview: information system. Budgetary accounting is required by GAAP. b. Students should check their own state’s Department of Education (or comparable agency) for other guidance for traditional pre-K through 12 schools. The Michigan Association of Public School Academies also provides resources for charter schools and their accountants ( ). The U.S. Charter Schools website ( ) provides valuable guidance in developing systems of financial and operational accountability for those who are new to charter schools, as well as links to other resources....
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