Financial Health of Lee College

Topics: Income statement, Balance sheet, Generally Accepted Accounting Principles Pages: 2 (770 words) Published: September 12, 2011
Financial Health of Lee College
ACC 380
May 23, 2011

Obtaining regular health checkups is vital to our survival; these checkups are necessary to monitor, maintain and improve our health. Did you know that it is equally important to perform periodic checkups on your company? Financial statements are a key component that allows us to track a company’s overall health and progress. Being able to prepare some of the financial statements for Lee College as well as completing the required readings and assignments from our text book, Essentials of Accounting for Governmental and Not-for-Profit Organizations, gave me the opportunity to analyze the data as it was being put together. It allowed me make educated decisions regarding the financial health of the college. I found Not-for Profit Accounting to be so much different than the previous accounting classes I have taken thus far; at times it felt as if I was learning accounting all over again. There were a number of times I struggled and felt totally lost but was able to pull through in the end. It definitely helped to be able to view other posts from fellow classmates throughout this very fast-track five-week class. It allowed me the peace of mind of knowing I was headed in the right direction when I was able to see posts similar to my thinking and understanding of the material. Putting the financial statements for Lee College together required me to really understand the material. In order to do that, I was forced to read and often re-read the chapters. While I did find that the assignments completed along the way were quite challenging at times, they allowed me to obtain some of the fundamentals needed to push forward. For the completion of this final assignment, I utilized the information provided in our textbook and was able to put the numbers together to draft the first requirement, the Statement of Activities. After completing the Statement of Activities, I was able to use the information from that...

References: Copley, P.A. (2011). Essentials of Accounting for Governmental and Not-For-Profit Organizations. (Ashford University Ed.) New York: McGraw-Hill/Irwin.
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