Why cant I just charge a purchase to an account that already has money in it?
Accounting records must provide meaningful, reliable, accurate and timely information to the many persons and groups with legitimate interests in MCSD’s financial affairs. Some examples of these persons and groups are 1) the management of MCSD such as the superintendent and assistants, principals, directors, program managers, and others who must evaluate past performance, make current decisions and plan future operations, 2) the school board, which sets policy for MCSD and has the final responsibility for compliance with legal provisions and budgetary restrictions, 3) the public (residents, tax payers and others) who concern themselves with the cost and quality of education, 4) the grantor agencies which are interested in determining eligibility for grant resources, and 5) the creditors and investors who must decide whether to provide resources to MCSD.
