Accounting for Governmental and Nonprofit Entities 15th Edition by Earl Wilson,Jacqueline Reck,Susan Kattelus

Exercise 1

Review of Annual Financial Report.Obtain the most recent copy of the annual report for your college or university (school).Using the annual report, answer the following.
Required
a.Does your school follow GASB or FASB standards Use the financial statements to explain how you can tell which GAAP is being applied.
b.Does your school appear to be using the NACUBO classifications for revenues and expenses, as identified earlier in this chapter Explain.
c.Do the financial statements appear to follow the reporting standards of the appropriate standards-setting body Identify examples to support your answer.Identify any instances where you believe the reporting standards are not being met.( Hint: It may be helpful to refer to the financial statement illustrations presented in this chapter.)d.What percentage of total revenue comes from student tuition and fees What percentage of total tuition and fees are student discounts and/or scholarship allowances
e.What percentage of total revenue comes from grants and contracts
f.What percentage of total net assets is nonexpendable (endowments)
g.Has an audit been included with the financial report Discuss the content of the audit report.