{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chat8 Ch 16 Univ - Le arning Obje s ctive Afte studying C r...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Learning Objectives After studying Chapter 16, you should beableto: h Distinguish between GAAP for public and privatecolleges and universities (C&U) h Describefinancial reporting for public and privateC&U
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Learning Objectives (Cont’d) Discuss accounting and reporting issues for all C&U, such as accounting for: l Assets, liabilities, and net assets l Revenues and expenses l Cash flows l Journalizetransactions for privateC&U l Preparefinancial statements for public and privateC&U
Background image of page 2
GAAP for Colleges and Universities Public C&U Private C&U GASBS 35 SFAS Nos. (1999) 116 and 117 (1993) GASBS 34 as special-purpose governments AICPA AAG— Stateand AICPA AAG—
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Statement of net assets (seeIll. 16-1), classifying net assets into: l Invested in capital assets, net of related debt l Restricted l Unrestricted l Statement of revenues, expenses and changes in net assets (seeIll. 16-2) l Statement of cash flows (seeIll. 16-3) Financial Statements for a Public C&U
Background image of page 4
v Statement of financial position (seeIll.16-4), classifying net assets into: l Unrestricted l Temporarily restricted l Permanently restricted v Statement of activities (seeIll. 16-5) v Statement of cash flows (seeIll. 16-6) Financial Statements for a Private C&U
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Collections held by museums and libraries of colleges and universities do not haveto berecognized as assets (and consequently depreciated) if they are: v Held for public exhibition v Protected and preserved v Subject to a policy that requires proceeds fromsales to beused to acquire other similar assets Assets—Collections
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}