Homework Assignment 5
The GASB indicates that economic condition is composed of three components. Identify and
define the three components of economic condition.
Financial position is the status of a government's assets, deferred outflo
Identify the financial statements that must be prepared by a private college or university and
those that must be prepared by a public college or university.
Private colleges and universities to prepare a statement of activ
Explain what disclosures the GASB requires for capital assets in the notes to the financial
Beginning-of-year and end-of-year balances showing accumulated depreciation separate from
In relation to the government-wide statement of activities, define direct expenses and indirect
expenses and why it is important to distinguish between them.