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Chart of Accounts Adaptation

The document outlines how the chart of accounts varies for different types of organizations, including universities, banks, government units, manufacturing companies, and an expanded retail chain. Each organization has unique revenue, expense, asset, and liability categories tailored to their operational needs. Specific examples of account codes and names are provided for each type of organization to illustrate these differences.

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27 views4 pages

Chart of Accounts Adaptation

The document outlines how the chart of accounts varies for different types of organizations, including universities, banks, government units, manufacturing companies, and an expanded retail chain. Each organization has unique revenue, expense, asset, and liability categories tailored to their operational needs. Specific examples of account codes and names are provided for each type of organization to illustrate these differences.

Uploaded by

20301041
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Chart of Accounts Adaptation for Different Organizations

The chart of accounts must be tailored to an organization's specific needs.

Discuss how the chart of accounts for the following organizations would differ from the one

presented for S&S in Table 2-2.

a. university

b. bank

c. government unit (city or state)

d. manufacturing company

e. expansion of S&S to a chain of two stores

a. University

- Revenue: Tuition Fees, Grants, Donations, Endowments

- Expenses: Academic Departments, Research, Scholarships

- Assets: Library Collections, Campus Buildings

- Liabilities: Deferred Revenue (prepaid tuition)

- Equity: Restricted and Unrestricted Funds

b. Bank

- Assets: Loans Receivable, Investments, Cash Reserves

- Liabilities: Customer Deposits, CDs, Borrowings

- Revenue: Interest Income, Loan Fees

- Expenses: Loan Loss Provisions, Regulatory Fees

c. Government Unit (City or State)

- Funds-based accounting per fund (General, Capital Projects)

- Revenue: Taxes, Grants, Fines

- Expenses: Public Safety, Infrastructure, Health

- No Equity, but Fund Balances per GASB standards


d. Manufacturing Company

- Inventory: Raw Materials, WIP, Finished Goods

- COGS & Overhead: Direct/Indirect Labor, Materials

- Assets: Plants, Equipment

- Department-wise expenses (R&D, QC, etc.)

e. Expansion of S&S

- Separate accounts per store location (e.g., Sales Store 1)

- Centralized vs. store-level expenses

- Inter-store inventory transfers

- Segment reporting for store performance


Example Chart of Accounts for Each Organization

University

Account Code Account Name

100 Cash in Bank

120 Student Accounts Receivable

140 Grants Receivable

210 Accounts Payable

240 Deferred Tuition Revenue

310 Net Assets Unrestricted

410 Tuition and Fees Revenue

510 Faculty Salaries

Bank

Account Code Account Name

100 Cash and Cash Equivalents

150 Loans to Customers

210 Customer Deposits

410 Interest Income Loans

510 Interest Expense Deposits

Government Unit

Account Code Account Name

100 Cash General Fund

110 Property Tax Receivable

210 Accounts Payable

310 Fund Balance General Fund

410 Property Tax Revenue

510 Public Safety Police

Manufacturing Company

Account Code Account Name

100 Cash
130 Raw Materials Inventory

135 Work-in-Progress Inventory

140 Finished Goods Inventory

510 Direct Materials

530 Factory Overhead

S&S Expanded

Account Code Account Name

101 Cash Store 1

102 Cash Store 2

120 Inventory Store 1

121 Inventory Store 2

410 Sales Revenue Store 1

411 Sales Revenue Store 2

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