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Capital Asset Policy April 2023Summary: This Capital Asset Policy is designed to ensure a uniform understanding of the Universities' capitalization policy for assets. The estimated life used for each
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What is financial reporting and accounting?
Financial reporting and accounting involve the process of preparing and presenting financial information to stakeholders such as investors, creditors, and regulators.
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Publicly traded companies, privately owned businesses, and non-profit organizations are required to file financial reporting and accounting.
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Financial reporting and accounting are typically filled out by trained accountants or financial professionals who follow generally accepted accounting principles (GAAP).
What is the purpose of financial reporting and accounting?
The purpose of financial reporting and accounting is to provide stakeholders with accurate and relevant financial information to make informed decisions.
What information must be reported on financial reporting and accounting?
Financial reporting and accounting typically include balance sheets, income statements, cash flow statements, and notes to the financial statements.
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