College and University Finance

College and University Finance

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...expenditures. After the committee on budget has carefully studied the estimates of income and the needs of the institution for the coming year, it should incorporate its suggestions in a completed budget and recommend it to the board of trustees for adoption. The board of trustees should give careful attention to the recommendations of the committee on budget, and before approving the budget should assure itself that the estimates of income had been conservatively made and that the appropriations for expenditures were likely to prove adequate to the needs of the institution and that no expenses which would have to be incurred had been omitted. METHOD OP BUDGET ACCOUNTING AND CONTROL When the budget has been adopted by the board of trustees its appropriations become available for the expenses of the year stated. Every department should be required to keep its expenditures within the limits of its appropriations. As a means to this end a ledger account should be opened with each item in the budget. If the number of budget items is large enough it may be better to have a ledger for the purpose, but if not, the accounts may be opened in the general accounts ledger, a portion being devoted to this use. If a portion of the general ledger is used for budget accounts it will be necessary to keep a supplementary record of requisitions issued. The use of requisitions is described below. The ledger accounts which record income receipts need no explanation. The ledger accounts for expenditures, however, differ in some respects from the ordinary in that they should record the requisitions approving the incurring of expenditures. For a complete control of expenditures limited to the amount of appropriation the record of bills paid is not adequate. It is...
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Product details

  • Paperback | 50 pages
  • 189 x 246 x 3mm | 109g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236628160
  • 9781236628169