Which of the Following Is Required as Part of a Complete

question 36

Multiple Choice

Which of the following is required as part of a complete set of financial statements for a private college or university?

• A) Statement of changes in operations.
• B) Statement of revenues, expenses, and changes in net assets.
• C) Statement of activities.
• D) Statement of functional expenses.

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Definitions:

Capital

The wealth, whether in money or other assets, owned or employed in business by an individual, firm, or corporation.

Withdrawal Account

An account from which funds can be withdrawn by the account holder; in the context of business partnerships, it refers to an account used by an owner or partner to draw funds from the business.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period before transferring the net income to retained earnings.

General Ledger

A complete record of all financial transactions over the life of a company, organized into debits and credits across various accounts.