In addition to a Statement of Financial Position and a Statement of Activities, a private college or university is required to present:
A) A Statement of Functional Expense.
B) A Statement of Cash Flows.
C) Both a and b.
D) Neither a nor b.

Question

Quizplus · Accepted Answer

The required statements for a private, not-for-profit college or university are: Statement of Financial Position/Balance Sheet, Income Statement, Statement of Activities, Statement of Cash flows and notes to the financial statements. A Statement of Functional Expense is not required.

In Addition to a Statement of Financial Position and a Statement