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2013 Class meeting dates
• Sept. 7, 14, 21, 28• Oct. 5, 19, 26• Nov. 2, 16, 23
• 10 Sessions/52 hrs
Uniform Chart of Accounts
• Accounts and account numbers used by all NJ School Districts
• Conforms with Generally Accepted Accounting Principles (GAAP)
• Consistent with National Center for Education Statistics (NCES) chart of accounts
Basic Accounting Terms
• ASSET – accounts that exhibit what a school district owns, is owed, and has retained for future economic benefit
• LIABILITY – accounts that exhibit what a school district owes
• FUND BALANCE – accounts that exhibit how much a school district would have if the assets were liquidated and used to pay the liabilities
Basic Accounting Terms
• REVENUE – Money received directly or indirectly to fund government operations
• APPROPRIATION – Money authorized for specific expenditure by an elected body or the public
Fund Accounting
• Governmental fund accounting measures fund financial position and changes in fund financial positions – sources, uses, and balances of net fund financial resources – rather than net income
• A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts
Basic Fund Accounting Equation
• GENERAL FUNDCurrent Assets – Current Liabilities = Fund Balance
Does not provide for fixed assets or long-term debt
Budgetary Basis of Accounting
• School districts maintain their accounts on the budgetary basis of accounting during the year, for budgetary control and for interim and annual budgetary reporting purposes
• At year end, the accounts are adjusted to the GAAP basis, or accrual basis of accounting
Entry to Record Budget
Upon adoption of budget, the total of estimated revenues and the total of appropriations authorized is recorded to the general ledger
• Debit – ESTIMATED REVENUES• Credit – APPROPRIATIONS• Difference is either a Debit or Credit to FUND
BALANCE
