What is the most common form for the financial statements prepared by public colleges and universities?

Q: which concerns with revenue and disbursement of government such as central government , state…

A: Finances are referred as the management of money from investing activities, borrowing, lending,…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: These 3As like Accounts, Accounting and Accountability are three different concept and it must be…

Q: Financial resources of a college or university that are currently expendable at the discretion of…

A: Answer:   Option C

Q: What are the quality information with regards to financial reporting?

A: Financial reporting is to communicate the financial position and its soundness to the shareholders,…

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: What are the financial reporting goals of not-for-profit organizations?

A: Here is the Answer

Q: In preparing GAAP-based financial reports, nonprofit organizations must present their expenses by…

A: All the Non profit organizations in the USA are required to express their expenses based on  their…

Q: Identify the areas in an academic institutions contingency planning that might differ from those of…

A: A Contingency Planning (CP) is a course of action planned to support an organization to respond…

Q: What financial statements are required for private not-for-profit colleges and universities?

A: Financial statement: Financial statement is a summary of all accounting transactions. The…

Q: What are some major adjustments required when converting from fund financial statements to…

A: major adjustment for converting from fund financial statements to government-wide statements are…

Q: When is an encumbrance recorded? What happens to this balance? How are encumbrances reported in…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: Why does the IASB’s Conceptual Framework consider the relevance and faithful representation to be…

A: Accounting concepts are formulated based on assumptions, rules, guidelines, and principles etc.…

Q: The basic financial statements of a state or local government include all of the following except:…

A: Every state or local government prepares financial statements for the purpose of analysis and it…

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.