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What is the most common form for the financial statements prepared by public colleges and universities?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 36DQ

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

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What are some of the major differences that exist between private colleges and universities and public colleges and universities that affect financial reporting?
What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?
What financial statements are required for private not-for-profit colleges and universities?
What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?
Which of the following is required as part of the complete set of financial statements for a private college or university? a. Statement of changes in financial position b. Statement of activities c. Statement of revenues, expenses, and changes in net assets d. None of the above
Which of the following is most likely to be true about the financial reporting of a public college or university? It resembles the financial reporting of private colleges and universities. It will continue to use its own unique style of financial reporting. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
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