Answer the Following Related to Accounting and Financial Reporting for Public

question 101

Essay

Answer the following related to accounting and financial reporting for public colleges and universities:
a.What choices exist for financial reporting by public colleges and universities,according to GASB Statement 35?
b.Indicate the contents required for a financial report for those public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities.

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Definitions:

Oil Well Service

Services related to the operation, maintenance, and repair of oil wells, including drilling, completion, and workover activities.

Budgeting

A process of creating a plan to spend your money, outlining projected income and expenses over a period.

Spending Variances

The difference between the actual amount spent and the budgeted amount for a particular accounting category.

Favorable

A term used in finance and accounting indicating that actual performance is better than the expected or budgeted performance.