Question

Which of the following statements is true regarding private colleges and universities? A.The statement of cash...

Which of the following statements is true regarding private colleges and universities?

A.The statement of cash flow is separated into four categories.

B.The “income statement” is separated into several columns and categories

C.They are not required to file a statement of cash flow

D.Net assets include the category: “Capital assets net of related debt.”
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Answer #1

Solution:-

Which of the following statements is true regarding private colleges and universities:-

B.The “income statement” is separated into several columns and categories

Explanation:-

Option A is incorrect as statement of cash flows must be divided into three categories of receipts and disbursements.

Option C is incorrect as they required to file cash flow statement under direct method.

Option D is incorrect as Businesses classify net assets in three categories: unrestricted, temporarily restricted and permanently restricted.

Please Rate or comment if you have any doubt regarding this solution.

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