According to ASC 958,the Statement of Financial Position of a Private

question 3

Multiple Choice

According to ASC 958,the statement of financial position of a private university should report the excess of the university's assets over its liabilities as:

• A) fund balance.
• B) unrestricted and restricted fund balance.
• C) retained earnings.
• D) unrestricted, temporarily restricted, and permanently restricted net assets.

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Definitions:

Reissued

Describes securities or other financial instruments that have been sold, recalled, and then sold again to the public.

Stock Dividend

A distribution by a company to its shareholders through extra shares instead of monetary payment.

Dividends Payable

A liability account that represents the amount a company owes to its shareholders as declared dividends but has not yet paid out.

Paid-in Capital

Funds raised by a company through the sale of shares to investors, representing the equity capital invested in the business.