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What are some of the major differences that exist between private colleges and universities and public colleges and universities that affect financial reporting?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 19MC: What type of organization primarily offers tax compliance, auditing, and consulting services? A....

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

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What is the most common form for the financial statements prepared by public colleges and universities?
What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?
What financial statements are required for private not-for-profit colleges and universities?
Which of the following is required as part of the complete set of financial statements for a private college or university? a. Statement of changes in financial position b. Statement of activities c. Statement of revenues, expenses, and changes in net assets d. None of the above
Which of the following is not a description of a classification of a financial institution? An entity that accept money from public and use such to financial instruments issued by businesses or government. An office that collect taxes from registered individuals. An associations whose members are supposed to have a common bond. A company that offers a variety of savings and loan products.
What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?
Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
Write a 700 words that analyzes the differences between generally accepted accounting principles for public and private colleges and universities. Explain why it is important to identify whether the institution is Public or Private. Clarify which of the two—public or private—follow the same reporting guidelines as nongovernmental not-for-profit organizations. Analyze, in general terms, 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. Identify the major format differences in financial reporting for public and private colleges and universities. Formulate an opinion about which statement provides more transparent information regarding revenues and on the amounts of restricted resources.
What type of organization primarily offers tax compliance auditing and consulting service A. Corporation B. Public accounting firms C. Government entities D. Universities
What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universities
What is the Machiavellian approach to decision making? What are some ethical considerations in the reporting of financial results? How do different ethical perspectives potentially impact accounting-based decisions? What is the role of government regulations in producing ethical financial reports?
Which of the following is most likely to be true about the financial reporting of a public college or university? It resembles the financial reporting of private colleges and universities. It will continue to use its own unique style of financial reporting. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.