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General Accounting Division, Accounting & Financial Services
* By the end of class, you will be able to…
o Talk like an accountant
o Identify and classify university revenues
o Identify and classify university expenses
o Set up an account in DaFIS and find it in the Annual Schedules
General Accounting Division, Accounting & Financial Services
Accounting Concepts
* Accounting Standards
* Balance Sheet: Statement of Net Assets
* Income Statement: Statement of Revenues, Expenses and Changes in Net Assets
* Double Entry Accounting System
* Restricted vs. Unrestricted Funds
General Accounting Division, Accounting & Financial Services
Accounting Standards
* Why have them?
o Reliability
o Comparability
* What are they?
o GAAP – generally accepted accounting principals
o GASB – Governmental Accounting Standards Board
o FASB – Financial Accounting Standards Board
o NACUBO – National Association of Colleges & University Business Officers
General Accounting Division, Accounting & Financial Services
Balance Sheet
* Statement of Net Assets
o Assets
o Liabilities
o Fund Balance
* Permanent Accounts
General Accounting Division, Accounting & Financial Services
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Category : Accounting