Private colleges and universities must provide aggregated entity-wide financial statements prepared in conformity with FASB Statement No.117.Consequently,private colleges and universities no longer utilize fund accounting.

Question

Quizplus · Accepted Answer

The first part of the statement is true; however, FASB standards neither require nor preclude the use of fund accounting. Many public and private colleges continue to use fund accounting for internal management and stewardship purposes.

Private Colleges and Universities Must Provide Aggregated Entity-Wide Financial Statements