LEARNING TEAM KEY CONCEPTS PRESENTATION

Slides 5-6-7 Apply basics of GAAP pertaining to categorizing restrictions on net assets.

Address the following:

• Examine FASB financial reporting requirements for a private college.
• Apply basics of GAAP pertaining to categorizing restrictions on net assets.
• Evaluate whether the entity is subject to the requirements of the Single Audit Act and the provisions of Office of Management and Budget
• Use Speaker Notes