American University, Washington: Financial Year Statement - Research Paper Example

Only on StudentShare

Extract of sample
American University, Washington: Financial Year Statement

In this case I chose the American University Financial statement for the year 2011-April 30 2012. Also a brief definition of the mandates of GASB is included in the essay. According to the Financial Accounting Foundation (1994); The GASB was formed in 1984 as an independent and not-for-profit organization that is mandated with establishing and improving the financial accounting and reporting the standards for state and also local governments. The members are drawn mostly the varied Board’s electorate with some of them including the auditors especially of the government financial statements, the users of the government financial statements, the members of the academic community among others. The members are seven in number. Under the staff pension plans in the AU the requirement is that eligible employees of the University can partake in two sections of the pension and retirement plans with one being administered by the Teachers Insurance and Annuity Association and College Retirement Equities Fund while the other fund being administered by Fidelity Investments. This further more is explained by the AU that under the two plans the contributions is vested and transferable by the staff to other employer plans. This means that even though the staff of AU contributes to the two options of retirement plans they are not restricted to the two instead they can get a third one should they wish to do so and still they will have the power to execute decisions. ...Show more

Summary

This essay will depict the composition underlying the financial statements especially in the accounting and auditing systems of non profit organizations. This is done in order to capture the economic activities for the organization for the past year…
Author : abbottscarlett
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"American University, Washington: Financial Year Statement"
with a personal 20% discount.
Grab the best paper

Related Essays

Financial Statement Analysis Report
Financial analysis can be used internally to appraise issues such as effectiveness of employees, operations and credit procedures. Moreover, it can be used externally to evaluate potential investments and the worthiness of credit borrowers.
4 pages (1000 words) Assignment
GST style - partnership business
Due to the sophisticated nature of the business, the business was opened in the form of retail outlet such that the only retail outlet of the business is situated in the well off shopping arena of Birmingham city, i.e. Bullring Shopping Centre. Bullring is mainly famous for providing the customers those brands, which are highly rated and liked by the customers such as Apple in Information Technology based products, Vodafone in the field of telecommunication carrier industry and many other popular brands, which catch the attention of their respective customers.
10 pages (2500 words) Assignment
IFRS Illustrated Financial Statement
Some of these variances in presentation can be seen in the comprehensive income statement presentation. There are several examples to illustrate this. IFRS 5, for example, requires that post-tax loss/income be part of the disclosures in the statement of comprehensive income or be put in another income statement’s contents where this is applicable.
4 pages (1000 words) Essay
Application of Financial Statement
The final part of this essay evaluates the importance of the balance sheet and income statement to my career as an investment adviser and my future career of banker. The essay will utilize some secondary sources which will be referred to. This will be aided by critical analysis an explanations of components and importance of financial statements to relevant stakeholders identified above.
9 pages (2250 words) Essay
Application of Financial Statement
According to Weygandt, Kimmel, & Kieso (2010), income statement helps in identifying the revenue and expenses, thus viewing the net profit or net loss of the company for specific period of time. It can be said that the income statement would be more useful in everyday life because it would list all the revenue and the expenses that is incurred in a monthly and annual basis.
3 pages (750 words) Term Paper
Management Accounting - Materials Accounting / Absorption & Marginal Costing
Financial accounting mainly focus on summaries past financial dealings which are reported periodically in contrast, management accounting evaluate past, present and future information which are reported continually to be used in making appropriate decisions.
5 pages (1250 words) Assignment
Basic Senior Year Financial Questions
The investment will involve an initial capital outlay of $ 1.4 million and the expected cash flows are given below: Year Cash inflows Cash outflows $ $ 1 800,000 65,000 2 750,000 80,000 3 900,000 50,000 4 1,200,000 55,000 5 1,100,000 70,000 The equipment is to be depreciated on a straight line basis over the duration of the project with a nil residual value.
6 pages (1500 words) Assignment
Financial Statement Fraud Schemes
Currently the company is in a process of expanding the products it offers by making different types of shoes that meet different markets demands. For example the company is in the process of manufacturing PHONESHOES that are specifically designed for helping business executives to carry out their operation more efficiently and effectively (Timothy, Loretta, & Kenneth, 2011).
4 pages (1000 words) Essay
Financial Statement Fraud
Such financial statements that are crucial to an organizations accounts department include the balance sheet, the cash flow statements, profit and loss accounts, and the trial balance (Schrader & Toner, 2013). However, the process is not always rosy as sometimes it is marred with fraudulent incidences of all sorts with the most prevalent being the revenue recognition fraud.
3 pages (750 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT