For each of the following situations explain how a private and a public university would record the transaction (assume the grants are non-exchange): notification of a grant to be received in the next fiscal year; receipt of a grant with a purpose restriction; notification of a grant payable for only allowable costs related to the grant.

Answer rating: 100% (QA)

Net assets that are subject to limitations placed on them by persons or organizations outside the in... View the full answer