Chat8 Ch 16 Univ

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

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Learning Objectives After studying Chapter 16, you should be able to: h Distinguish between GAAP for public and private colleges and h Describe financial reporting for public and private C&U
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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 Journalize transactions for private C&U l Prepare financial statements for public and private C&U
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GAAP for Colleges and Universities GASBS 35 SFAS Nos. (1999) 116 and 117 (1993) GASBS 34 as special-purpose governments AICPA AAG—
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Statement of net assets (see Ill. 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 (see Ill. 16-2) l Statement of cash flows (see Ill. 16-3) Financial Statements for a Public C&U
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v Statement of financial position (see Ill.16-4), classifying net assets into: l Unrestricted l Temporarily restricted l Permanently restricted v Statement of activities (see Ill. 16-5) v Statement of cash flows (see Ill. 16-6) Financial Statements for a Private C&U
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Collections held by museums and libraries of colleges and universities do not have to be recognized 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 from sales to be used to acquire other similar assets Assets—Collections
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This note was uploaded on 08/01/2011 for the course ACCT 434 taught by Professor Mcclellan during the Spring '11 term at National.

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

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