Depreciation of a residence hall should be reported as an expense in a private college's operating statement but might not be reported in the operating statement of a public college engaged only in business-type activities.

Question

Quizplus · Accepted Answer

GASB standards require public colleges to depreciate capital assets, other than land and certain other nondepreciable assets (i.e., infrastructure assets accounted for using the modified approach and noncapitalized collections).

Depreciation of a Residence Hall Should Be Reported as an Expense