Introduction
Assets are resources owned by the university which have future economic value that can be measured and expressed in dollars. This book provides insight into the recording and physical controls over assets within Indiana University. This information in this book focuses on the assets section on the balance sheet.
What you will find here
Cash: This portion of the book will provide you with an understanding of the elements of the cash line on the balance sheet.
Accounts Receivable: This portion of the book will provide an overview of the accounts receivable line on the balance sheet. It will explain the different categories of accounts receivable at Indiana University and the elements of each accounts receivable line on the balance sheet.
Inventory: This portion of the book will provide an overview of inventory at Indiana University, including the requirements for doing a physical count of inventory, reconciliation requirements, and best practices for maintaining controls around inventory at IU.
Capital Purchases and Leases: This portion of the book provide guidelines for the purchase, valuation, depreciation, inventory, and disposal of capital assets and leases at Indiana University.
Notes Receivable: This portion of the book will provide an overview of the notes receivable line on the balance sheet. This asset line consists primarily of student loan repayments due to Indiana University.
Investments: This portion of the book will provide guidance on accounting for investments at Indiana University. Investments are assets held for the purpose of earning an income and include operating funds, construction funds, endowment funds, and other funds.
Other Assets: This portion of the book will cover assets that do not fit readily in any of the defined asset categories and appear on the other assets line of the balance sheet.
Glossary: The glossary is a repository of both general and Indiana University specific accounting terminology.