Academic journal article Journal of the International Academy for Case Studies

The Case of Smallville College: Year-End Entries for Higher Education

Academic journal article Journal of the International Academy for Case Studies

The Case of Smallville College: Year-End Entries for Higher Education

Article excerpt

CASE DESCRIPTION

The primary subject matter of this case concerns financial reporting issues in higher education using fund accounting. Secondary issues examined include endowment investment issues, adjusting entries, pledge accounting, and capital projects as they all relate to fund accounting. The case would be appropriate for a senior level undergraduate course as well as a graduate course. This case is designed to be taught in one to two class hours in conjunction with a section on not-for-profit accounting or auditing and is expected to require approximately two to three hours of outside preparation by the students.

CASE SYNOPSIS

In this case, students are introduced to Adam Counterman, a staff accountant at a regional accounting firm, who is assigned to the engagement team auditing Smallville College. The College is a new engagement for Adam's accounting firm. Fund accounting is generally used in higher education and to date, Adam has not been exposed to this form of accounting. The trial balance of Smallville College is unadjusted so there may be some adjusting entries that are needed that the client has missed. …

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