A private,not-for-profit university should prepare which of the following financial statements?

Question

Quizplus · Accepted Answer

A private, not-for-profit university should prepare the following financial statements:

I. Statement of Activities (or Statement of Revenue, Expenses, and Changes in Net Assets): This statement shows the revenues and expenses of the university over a specific period, such as a fiscal year. It shows how the university's net assets have changed over the period due to operating and non-operating activities.

II. Statement of Financial Position (or Balance Sheet): This statement shows the university's assets, liabilities, and net assets (or equity) as of a specific date, such as the end of the fiscal year.

IV. Statement of Cash Flows: This statement shows the inflows and outflows of cash and cash equivalents for the university over a specific period, such as a fiscal year. It provides information about the university's operating, investing, and financing activities that affect its cash and cash equivalents.

Therefore, the best choice is C) I, II, and IV.

A Private,not-For-Profit University Should Prepare Which of the Following Financial