Author Question: Which financial statements are required for government colleges and universities engaged only in ... (Read 66 times)

xroflmao · **on:** Jul 5, 2018

Which financial statements are required for government colleges and universities engaged only in business-type activities?

a. Balance sheet, statement of revenues, expenditures, and changes in fund balance, and statement of cash flows
b. Balance sheet, statement of revenues, expenses, and changes in net assets, and statement of cash flows
c. Balance sheet, statement of revenues, expenses, and changes in net assets, and statement of changes in net assets
d. Balance sheet, statement of activities, and statement of cash flows

Question 2

Which of the following best describes the general principle for recognizing property tax revenues in the General Fund?

a. They should be recognized in the current period to the extent that cash is collected
b. They should be recognized for the entire amount levied for the current period, regardless of when they are collected in cash
c. They should be recognized in the current period, less appropriate allowances for uncollectible accounts, tax refunds, and discounts
d. They should be recognized in the current period to the extent collected and also if collected early in the following year