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REGIONAL UNIVERSITY SYSTEM OF OKLAHOMA Landmark Towers 3555 NW 58th, Suite 320 Oklahoma City, Oklahoma 73112 TABLE OF CONTENTS EDUCATIONAL AND GENERAL BUDGET FY2017 PART I PRIMARY BUDGET Schedule

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How to fill out budgets and financial statements

01

To fill out budgets and financial statements, follow these steps:

02

Start by gathering all relevant financial information, including income, expenses, assets, and liabilities.

03

Begin with the budget by estimating the expected income for the upcoming period. This could include sources like sales, investments, or loans.

04

Next, itemize and categorize all projected expenses, such as operating costs, payroll, taxes, and debt payments.

05

Calculate the net income by subtracting the total expenses from the expected income.

06

Review the budget for accuracy and make adjustments as necessary.

07

Moving on to financial statements, compile the balance sheet by listing all assets, liabilities, and equity.

08

Create an income statement by summarizing revenues, expenses, gains, and losses for the given period.

09

Lastly, prepare the cash flow statement by outlining the inflows and outflows of cash within the same period.

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Double-check all the information and calculations before finalizing the budgets and financial statements.

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Maintain proper documentation and update the budgets and financial statements regularly.

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What is budgets and financial statements?

Budgets are financial plans for a specific period, usually a year, while financial statements are summaries of a company's financial position and performance.

Who is required to file budgets and financial statements?

Companies, organizations, and entities are required to file budgets and financial statements to provide transparency and accountability.

How to fill out budgets and financial statements?

Budgets and financial statements are typically filled out by accountants or financial professionals using financial data and information.

What is the purpose of budgets and financial statements?

The purpose of budgets and financial statements is to track financial performance, make informed decisions, and communicate financial information to stakeholders.

What information must be reported on budgets and financial statements?

Budgets and financial statements must include revenue, expenses, assets, liabilities, and equity.

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