2011 | 2011(64(120)) |
Article title

Proposal for a cost accounting system for universities

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Efficient cost accounting systems plays a crucial role in management of higher education establishments.The unique character of such entities creates specific challenges for financial controllers.The main problems to be resolved include ensuring proper accountability of different faculties,demarcation between teaching and research activities and designing an adequate system of costallocation. The majority of publications dealing with cost accounting at universities claim thatsophisticated cost allocation systems are most suitable for reporting profitability for managementpurposes. Little attention is paid to the problems of separation between research and teaching activitiesand influence of excessive academic resources on profitability.The article presents an alternative concept of cost accounting and profitability presentation forthe purposes of managing higher education institutions. The presented model assumes clear separationbetween teaching and research in both cost accounting and reporting, identification of areaswhich create unjustified costs and resignation from overhead allocation. Detailed accounting solutionsand architecture of the chart of accounts and profit and loss statement are also described.
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