Public and private schools, multiple-choice. Select the best answer for each of the following multiple-choice items. (Nos. 2–10 are AICPA adapted.) 1. Which of the following is required as part of the...

Public and private schools, multiple-choice. Select the best answer for each of the following multiple-choice items. (Nos. 2–10 are AICPA adapted.)

1. Which of the following is required as part of the complete set of financial statements for a private college or university?

a. Statement of changes in financial position

b. Statement of activities

c. Statement of revenues, expenses, and changes in net assets

d. None of the above