What Accounts Appear in the Equity Section of the Balance

question 104

Essay

What accounts appear in the equity section of the balance sheet for a college, assuming the college is:
A. Public - government owned
B. Private not-for-profit
C. For Profit - Investor owned business

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Definitions:

Direct Materials

Raw materials that can be directly attributed to the production of specific goods or services in manufacturing.

Direct Labor

The wages and benefits paid to workers who are directly involved in the production of goods or services.

Prime Costs

The combined costs of direct materials and direct labor that are directly involved in the production of goods.

Direct Materials Costs

Costs that are directly traceable to the production of specific goods or services, such as raw materials used.