non-profit financial management college of public and community service university of massachusetts...
TRANSCRIPT
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Non-profit Financial Management College of Public and Community Service University of Massachusetts at Boston 2010 William Holmes 1 Slide 2 GAAPGenerally Accepted Accounting Principles; IFRS, International Financial Reporting Standards; IASB, International Accounting Standards Board US GAAPFASB, Financial Accounting and Standards Board (general); GASB, Governmental Accounting Standards Board (state and local government); FASAB, Federal Accounting Standards Advisory Board 2 Slide 3 Budgets Profit-Loss Statement Income Statement, Activity Statement Balance SheetStatement of Financial Position Cash Flow Statement 3 Slide 4 Spending plan for specified period Broken down by functional categories Consider direct and indirect expenses Uses cost or accrual accounting 4 Slide 5 Compares income versus expenses Compares for a period of time Includes functional categories of income and expense Indicates financial health of organization 5 Slide 6 Summarizes status of organization at a point in time Compares assets with liabilities Accounts for how assets are balanced with liabilities Identifies issues regarding assets or liabilities 6 Slide 7 Describes handling of income and expenses Determines net result of cash flow Identifies issues in cash management Identifies potential future financial problems 7