Accounting Standards for Colleges and Universities
- Imagine that you work in the accounting department of a university and your boss has asked you to explain and discuss components of revenue or expense that are reported on the university’s statement of revenues, expenses, and changes in net asset. Discuss at least two (2) unique situations or transactions that you may encounter.
There are several items that can be reported in a university’s statement of revenue, expenses and changes in net assets. For instance, under the revenue, we have operating revenue that could include student tuition and fees, grants and contracts (federal, state and local, non-governmental), sales and services of educationists activities. Under the expenses, we can have operating expenses such as instruction, research, public service,…