Which of the following is true regarding the Statement of Cash Flows for a public college?
A) A reconciliation is required, reconciling operating income in the Statement of Revenues, Expenses, and Changes in Net Assets to the cash flows provided (used) by operating activities.
B) Cash purchases of capital assets are reported as outflows in the capital related financing activities section.
C) Both of the above are true.
D) Neither of the above is true.

Question

Quizplus · Accepted Answer

Both A and B are true statements regarding the Statement of Cash Flows for a public college. A reconciliation is required to reconcile operating income in the Statement of Revenues, Expenses, and Changes in Net Assets to the cash flows provided (used) by operating activities, and cash purchases of capital assets are reported as outflows in the capital related financing activities section.

Which of the Following Is True Regarding the Statement of Cash