Reference no: EM133833250
Assignment: Writing
Accounting for Funds in Public Schools
For this component, the student is expected to review the following chapters/documents:
1) Chapter 13: Accounting and Auditing, from Financing Education in a Climate of Change.
2) Chapter 14: Business Aspects of the School Community, from Financing Education in a Climate of Change
3) Chapter 16: The Road Ahead for School Finance, from Financing Education in a Climate of Change
Florida has a set of uniform standards for accounting for cash receipts at school centers. Please review the following items regarding the use of Internal Funds:
1) Chapter 5: Program Cost Accounting and Reporting - Definitions, Procedures, Attribution Basis, and Report Format, from Financial and Program Cost Accounting and Reporting for Florida Schools (Redbook)
2) Chapter 8: School Internal Funds, from Financial and Program Cost Accounting and Reporting for Florida Schools (Redbook).
(ALL Students submit answers to the following 3 questions):
I. How are salaries and contracts for professional services handled in Encumbrance Accounting systems? Why would understanding this concept be beneficial to the school principal?
II. What are the benefits of Cost Accounting? How would you attribute the costs of a Guidance Counselor to the various programs within the school center?
III. Explain the difference between the different types of Audits. What type of Audit would be completed to monitor the following
i. Internal accounts
ii. FTE funds
iii. Federal funds (i.e. IDEA grants)
iv. From the "Redbook" answer the following items:
IV. Summarize the Principles underlying the accounting for School Internal Funds.
V. The General Practices section outlines common sense procedures regarding the handling of Internal Funds. Identify the major focus of these principles.
VI. Explain the purpose of the requirements under Check Signatures.
VII. Using the concepts presented under the Cash Collections and Deposits section, write a summary of procedures you would present to the teachers in your school regarding collecting cash from students in their classes.
VIII. Using the concepts presented under the Classes, Clubs, and Departments section, write a summary you could provide to club sponsors regarding fund raising activities.