For each of the following, identify (1) Which accounting standardssetting body has primary authority, (2) The required

Question:

For each of the following, identify
(1) Which accounting standards–setting body has primary authority,
(2) The required financial statements, and
(3) The account titles used in the equity section of the or equivalent statement.
a. Public (government-owned) colleges and universities.
b. Private, not-for-profit colleges and universities.
c. Investor-owned, proprietary schools.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...