Which financial statements are required for government colleges and universities engaged only in business-type activities?

Question

Quizplus · Accepted Answer

Government colleges and universities engaged only in business-type activities are required to prepare financial statements that include a statement of net position, statement of revenues, expenses, and changes in net position, and statement of cash flows. This format is consistent with Generally Accepted Accounting Principles (GAAP) standards for governmental entities engaged in business-type activities. The statement of revenues, expenses, and changes in net position provides a complete picture of the entity's current financial status and helps stakeholders understand the organization's financial health.

Which Financial Statements Are Required for Government Colleges and Universities