Business Finance
Components of revenue or expense that are reported on the university’s statement of revenues, expenses, and changes in net asset, not for profit accounting assignment help

Question Description

I need an explanation for this Accounting question to help me study.

  • Imagine that you work in the accounting department of a university and your boss has asked you to explain and discuss components of revenue or expense that are reported on the university’s statement of revenues, expenses, and changes in net asset. Discuss at least two (2) unique situations or transactions that you may encounter.

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Final Answer

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Gross Profit

Gross profit is the difference between the revenue received for the product less the cost of goods sold.

Operating Expenses

Operating expenses are the amount an entity expends to maintain and operate the general business. Operating expenses include research and development, marketing, general and administrative, amortization of intangible assets (i.e. patents, good will, etc.), etc.

In addition, when an entity purchases a capital asset, such as a building or equipment, they expense a portion of the asset over a number of years; this is called depreciation. Depreciation expense is an accounting expense that is deducted from net income.

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