Private universities follow the authoritative standards of _____ and use the _____ basis of accounting.
A) FASB, Accrual.
B) FASB, Modified-accrual.
C) GASB, Accrual.
D) GASB, Modified-accrual.

Question

Quizplus · Accepted Answer

Private colleges follow standards established by the FASB, including those specifically for not-for-profit entities. Private colleges use the accrual basis of accounting and the economic resources measurement focus.

Private Universities Follow the Authoritative Standards of _____ and Use