Chapter 15 Question Assignment ACC/460

Chapter 15 Question Assignment 15-1. Identify the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.

Private colleges and universities align their financial reports with Audits of Colleges and Universities set by AICPA. Their financial reporting follows both FASB codification and GASB guidelines. The financial statements they are required to submit are a Statement of financial position (Balance sheet) classifying net assets into unrestricted assets, temporarily restricted assets, and permanently restricted assets. a statement of cash flows (changes in fund balance), and a Statement of activities (an income statement). Public colleges and...