Which of the following is required as part of a complete set of financial statements for a public college or university engaged only in business-type activities?
A) Statement of changes in operations.
B) Statement of revenues, expenses, and changes in net position.
C) Statement of activities.
D) Statement of functional expenses.

Question

Quizplus · Accepted Answer

The correct answer is B) Statement of revenues, expenses, and changes in net position. This statement is essential for public colleges or universities engaged in business-type activities as it provides a comprehensive overview of the institution's financial performance over a period, including its revenues, expenses, and how these affect the net position. This aligns with the reporting requirements under the Governmental Accounting Standards Board (GASB) standards for government entities that operate in a business-like manner.

Which of the Following Is Required as Part of a Complete