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Circular No. A-21 -- Cost Principles for Educational Institutions (9604 words) |
 | An educational institution's practices used in estimating costs in pricing a proposal shall be consistent with the educational institution's cost accounting practices used in accumulating and reporting costs. |
| An educational institution's cost accounting practices used in accumulating and reporting actual costs for a sponsored agreement shall be consistent with the educational institution's practices used in estimating costs in pricing the related proposal or application. |
| In general, the cost groupings established within a category should constitute, in each case, a pool of those items of expense that are considered to be of like nature in terms of their relative contribution to (or degree of remoteness from) the particular cost objectives to which distribution is appropriate. |
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Meaning of Generally Accepted Accounting Principles (696 words) |
| Generally accepted accounting principles therefore is a technical term in accounting. |
| Generally accepted accounting principles encompass the conventions, rules and procedures necessary to define accepted accounting practice at a particular time. |
| Generally accepted accounting principles are conventional--that is, they become generally accepted by agreement...rather than formal derivation from a set of postulates or basic concepts. |
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