General Accounting: Difference between revisions

Accounting is the means through which financial data necessary for the efficient administration of our university is recorded, classified and reported. Our financial management system must meet the dual requirements of our institution while still being governed by the principles and concepts of institutional accounting and finance. These generally accepted accounting principles (GAAP) have developed over time and gained acceptance throughout our industry allowing the consistent presentation of financial results and comparability to other institutions. Many of our policies currently in practice today are today taken from the "Fundamental Concepts" from the latest edition of College and University Business Administration as well as the basic principles and changes mandated by the [http://www.aicpa.org/Pages/Default.aspx AICPA] Audit Guide, Federal Regulations of the [http://www.whitehouse.gov/omb/ Office of Management] (OMB) Circulars [http://www.whitehouse.gov/omb/circulars_a021_2004/ A-21], [http://www.whitehouse.gov/omb/circulars_a110 A-110] and [http://www.whitehouse.gov/omb/circulars_a133 A-133] along with the [http://www.unicam.state.ne.us/laws/index.htm statutes] of the [http://www.nol.org/ State of Nebraska] comprise the basic accounting policies currently driving the operation of our financial management system.