Question

Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college choosing to report as a special-purpose entity engaged in business-type activities only? Group of answer choices State appropriations should be reported as non-operating income Both contributions for plant and for endowment purposes must be reported separately after both operating and non-operating revenues and expenses All of these An operating income figure must be displayed

Answer 1

Answer:

All of these options is true

Explanation:

Statement of revenue and expenses is a comprehensive report showing the amount of profit earned minus the amount of operating expenses.

It provides information regarding the organization's operation as well as the revenue generated.

Revenue earned is collated as receipts and included in the statement of revenue and expenses.

Regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college choosing to report as a special-purpose entity engaged in business-type activities, the following apply:

• State appropriations should be reported as non-operating income
• Both contributions for plant and for endowment purposes must be reported separately after both operating and non-operating revenues and expenses
• An operating income figure must be displayed