Final answer:
The three sections of the statement of net position for public colleges are assets, liabilities, and net position (equity), showing the college's economic resources, obligations, and overall financial health.
Step-by-step explanation:
The three sections of the statement of net position for public colleges, often corresponding to the three sections of a balance sheet for a business, are assets, liabilities, and net position (or equity). Assets are resources owned by the college that have economic value, such as reserves, bonds, and loans. Liabilities represent the college's obligations to outside parties, which might include deposits and other forms of debt. The net position represents the difference between assets and liabilities and is an indicator of the financial health of the institution.