Answer:
Part A)
University
1) There will be no accounts relating to equity. There will be a separate fund balances section for different forms of funds.
2) There will be different forms of funds (such as current funds for reporting operating expenses, loan funds for reporting loans extended to students, endowment funds for recording donations, etc.) and for each type of fund, seperate chart of accounts will have to be maintained. Further categorization of these funds into restricted and unrestricted may also be required.
3) The university may not maintain notes receivable in comparision to S&S. For installment payments expected to be received from the students, the university may maintain accounts receivable.
4) There would be a difference in types of revenues that will be reported in a university's income statement. In comparision to S&S, a univeristy sources of revenue will include tution and other fees (such as registration fees, application fees, lab fees, etc.). Other sources of revenue may be grants from government, gifts, etc.
5) The treatment of student loans and students deposits (to be refunded) will form an important part of the chart of accounts. Loans given to students will get reported as assets while deposits made by students will be treated as a liabilities.
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Part B)
Bank
1) In case of a bank, the major difference would arise on account of inventory. There will be no account related to inventory.
2) Accounts opened by customers would be treated as liabilities and loans extended to customers would be treated as assets. The classification of the loan as current or long term would depend on the period for which the loan has been granted by the bank.
3) Since, the bank is engaged in providing services and has infact no inventory, there wouldn't be any cost of goods sold (as is in the case of S&S).
4) Sources of revenue would include accounts such as investments, services charges, loans from other banks/financial institutions, etc.
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Part C)
Government Unit
1) There will be no accounts relating to equity. There will be a separate fund balances section for different forms of funds.
2) There will be different forms of funds (such as general fund, capital projects fund, special revenue fund, etc.) and for each type of fund, seperate chart of accounts will have to be maintained.
3) Major source of revenue for a government unit would be taxes, fees for licences and permits, penalties and fines.
4) Similar to a bank, there will be no inventory account in case of a government unit.
5) Accrual of taxes to be received may require creation of a seperate account in the name of "Taxes Receivable).
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Part D)
Manufacturing Company
1) A manufacturing company will ideally have different types of inventory accounts with different name representing their importance such as raw material inventory, work-in-process inventory and finished goods inventory. The total value of inventory will be split between these three categories.
2) For identification of revenue and expense for each product type and assets and liabilities with respect to each division, inclusion of more digits to the codes may be required as compared to S&S.
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Part E)
Expansion of S&S to a Chain of Two Stores
1) For identification of revenue and expense for each product type and also for each store inclusion of more digits to the codes may be required.
2) For identification of assets and liabilities with respect to each store, inclusion of more digits to the codes may be required.
1 of 1 CP2-1 CP2-1 Chart of Accounts Class Practice The chart of accounts must be...
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