A private,not-for-profit university should prepare which of the following financial statements?
A) I, II, and III.
B) II, III, and IV.
C) I, II, and IV.
D) II, III, and V.

Question

A private,not-for-profit university should prepare which of the following financial statements? 
A) I, II, and III. 
B) II, III, and IV. 
C) I, II, and IV. 
D) II, III, and V.

Quizplus · Accepted Answer

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

I. Statement of Financial Position (Balance Sheet)
II. Statement of Activities (Income Statement)
IV. Statement of Cash Flows

The Statement of Financial Position (Balance Sheet) provides information about an organization's assets, liabilities, and net assets. The Statement of Activities (Income Statement) reports the changes in net assets that have occurred during the reporting period. The Statement of Cash Flows provides information about the inflows and outflows of cash and cash equivalents during a reporting period.

Therefore, options A, B, and D are incorrect.

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