According to the Rules for Accounting for Colleges and Universities

question 57

True/False

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,revenues and expenses are reported at gross amounts and gains and losses are reported net.

---

Definitions:

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement, to ensure accuracy and completeness of the records.

Erroneously Charged

Incorrectly or mistakenly billed for goods or services, leading to inaccurate financial transactions.

Bank Statement Balance

The ending cash balance as recorded in the bank's records at the end of a reporting period.

Check Outstanding

A check that has been written and recorded in the issuing account but has not yet been cleared or cashed by the bank.