Tham khảo tài liệu 'legislative audit division state of montana report to the legislature december 2005 financial_part2', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Capital assets are classified as depreciable and non-depreciable. Depreciation is treated as an operating expense. Assets and liabilities are treated as current Due within one year or as non-current Due in more than one year and are presented in the Statement of Net Assets in order of liquidity. Revenues and expenses are classified as operating or non-operating. Operating is defined as resulting from transactions involving exchanges of goods or services for payment while nonoperating is defined as resulting from transactions not involving the exchange of goods or services for payment. We show a substantial operating loss on the Statement of Revenues Expenses and Changes in Net Assets primarily because GASB requires that General Operating Fund expenses be reported as operating while the State Appropriation - which is General Operating Fund revenue - must be reported as non-operating. Tuition and fees are reported net of any scholarships or fellowships that were applied directly to a student s account. The reason for netting these is to keep the University financial statements from double counting this revenue and expense. STATEMENT OF NET ASSETS The Statement of Net Assets reflects the financial position of the University at the end of the fiscal year. The changes in net assets that occur over time indicate improvements or deterioration in the University s financial position. A summary of the Statement of Net Assets follows For the years ended June 30 stated in millions 2005 Restated 2004 Restated 2003 Description Total current assets Total non-current assets Total assets Total current liabilities Total non-current liabilities Total liabilities Invested in Capital Assets Net of Related Debt Restricted Nonexpendable Expendable Unrestricted Total net assets .
