The financial statements of public and private colleges and universities has to follow GASB Statement No. 35 under the governmental standards, Private colleges and universities have the following required financial statements: Statement of financial position will include totals for permanently restricted net assets. The statement of Activities shows revenues, expenses, gains, losses, and reclassifications between classes of net assets. Statement of cash flows with categories operating, financing, investing similar to business organizations. To choose: The correct option.

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.1.1P

To determine

Introduction: The financial statements of public and private colleges and universities has to follow GASB Statement No. 35 under the governmental standards,

Private colleges and universities have the following required financial statements:

Statement of financial position will include totals for permanently restricted net assets.

The statement of Activities shows revenues, expenses, gains, losses, and reclassifications between classes of net assets.

Statement of cash flows with categories operating, financing, investing similar to business organizations.

To choose: The correct option.

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Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. 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.

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?

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?

Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.1.1P

To determine

Introduction: The financial statements of public and private colleges and universities has to follow GASB Statement No. 35 under the governmental standards,

Private colleges and universities have the following required financial statements:

Statement of financial position will include totals for permanently restricted net assets.

The statement of Activities shows revenues, expenses, gains, losses, and reclassifications between classes of net assets.

Statement of cash flows with categories operating, financing, investing similar to business organizations.

To choose: The correct option.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.1.1P

To determine

Introduction: The financial statements of public and private colleges and universities has to follow GASB Statement No. 35 under the governmental standards,

Private colleges and universities have the following required financial statements:

Statement of financial position will include totals for permanently restricted net assets.

The statement of Activities shows revenues, expenses, gains, losses, and reclassifications between classes of net assets.

Statement of cash flows with categories operating, financing, investing similar to business organizations.

To choose: The correct option.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.1.1P

To determine