Public colleges and universities that engage only in business type activities wo

Question

Public colleges and universities that engage only in business type activities would have which of the following financial statements?
A). Statement of net position, statement of activities.
B). Statement of net position, statement of revenues, expenses, and changes in net position.
C). Statement of net position, statement of revenues, expenses, and changes in position, and statement of cash flow‘s.
D). Both find bases statements (statement of net position, statement of revenues, expenses, and changes in net position, statement of cash flows) and government wide (statement of net position, statement of activities). Public colleges and universities that engage only in business type activities would have which of the following financial statements?
A). Statement of net position, statement of activities.
B). Statement of net position, statement of revenues, expenses, and changes in net position.
C). Statement of net position, statement of revenues, expenses, and changes in position, and statement of cash flow‘s.
D). Both find bases statements (statement of net position, statement of revenues, expenses, and changes in net position, statement of cash flows) and government wide (statement of net position, statement of activities).
A). Statement of net position, statement of activities.
B). Statement of net position, statement of revenues, expenses, and changes in net position.
C). Statement of net position, statement of revenues, expenses, and changes in position, and statement of cash flow‘s.
D). Both find bases statements (statement of net position, statement of revenues, expenses, and changes in net position, statement of cash flows) and government wide (statement of net position, statement of activities).

Explanation / Answer

Public colleges and universities that engage only in business type activities would have following financial statements.

1) Statement of net position : this statement of net worth of the college and University.

2) Statement of Revenue and expenses and changes in position: this statement shows the total income earned and expenses there of and final output like profit or loss i.e excess of expenditure over income or execess of icome over expenditure.

3) satement of cashflow: this statement shows how the cash mobilises during the year.

so answer is C

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