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Lecture Accounting for Governmental and Nonprofit Entities (16/e): Chapter 15 - Jacqueline L. Reck, Suzanne L. Lowensohn

Chapter 15 - Accounting for colleges and universities. After studying Chapter 15, you should be able to: Distinguish between GAAP for public and private colleges and universities (C&Us), describe financial reporting for public and private C&Us, discuss accounting and reporting issues for all C&Us,. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Colleges and Universities C H A P T E R 15 2 Learning Objectives 15-1 Distinguish between generally accepted accounting principles for public and private colleges and universities. 15-2 Describe financial reporting for public and private colleges and universities. 15-3 Discuss accounting and reporting issues for all colleges and universities, such as accounting for assets, liabilities, and net assets/net position; accounting for revenues and expenses; and accounting for cash flows. 3 1 Learning Objectives 15-4 Journalize transactions and prepare financial statements for private colleges and universities. 15-5 Discuss issues related to colleges and universities, such as planned giving, auditing, and federal financial assistance. 4 1 Colleges and Universities Public Governmental higher learning institutions Larger proportion of revenues from state appropriations and research grants Includes community colleges, which receive a large proportion of revenue from local property tax assessments Private Nongovernmental higher learning institutions Larger proportion of revenues from tuition, private contributions and research grants May be either not-for-profit or for-profit Accounting and Financial Reporting Standards Private Colleges and Universities The FASB requires private colleges and universities to report on the changes in unrestricted, temporarily restricted, and permanently restricted net assets of the entity as a whole, the same as the nongovernmental not-for-profit organizations described in Chapter 13. Illustrative financial statements for a private college are presented in this chapter. Public Colleges and Universities Although public colleges and universities are permitted to use the guidance for . | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Colleges and Universities C H A P T E R 15 2 Learning Objectives 15-1 Distinguish between generally accepted accounting principles for public and private colleges and universities. 15-2 Describe financial reporting for public and private colleges and universities. 15-3 Discuss accounting and reporting issues for all colleges and universities, such as accounting for assets, liabilities, and net assets/net position; accounting for revenues and expenses; and accounting for cash flows. 3 1 Learning Objectives 15-4 Journalize transactions and prepare financial statements for private colleges and universities. 15-5 Discuss issues related to colleges and universities, such as planned giving, auditing, and federal financial .