Which of the following statements is true regarding accounting and financial reporting for public colleges and universities?
A) Public colleges and universities may choose to report in the same manner as private colleges and universities, using FASB standards.
B) Public colleges and universities may choose to report as special-purpose entities..
C) Both of the above.
D) Both of the above

Question

Quizplus · Accepted Answer

Public colleges and universities are considered governmental entities and are required to report using GAAP standards set by GASB. They cannot report using FASB standards used by private colleges and universities. However, they may choose to report as special-purpose entities under GASB Statement No. 39.

Which of the Following Statements Is True Regarding Accounting and Financial