Exercises

EX$.13-1$

Select the best answer.

For purposes of external reporting, private colleges and universities

a$.$ must adhere to all applicable FASB pronouncements.

b$.$ must adhere to all applicable GASB pronouncements.

c$.$ can opt to follow either all applicable FASB or all applicable GASB pronouncements.

d$.$ must follow all applicable NACUBO pronouncements.

For purposes of external reporting, a public college or university

a$.$ must report as if it were a general$-$purpose government.

b$.$ may report as if it were a comparable private college or university.

c$.$ may report as a special$-$purpose government engaged exclusively in business$-$type activities.

d$.$ may report in accordance with the AICPA college and university model if it had adhered to that model prior to the issuance of GASB Statement No$.35.$