Differences in accounting for private colleges and universities as compared to public universities do not include which of the following:

Question

Quizplus · Accepted Answer

The difference in accounting for private colleges and universities compared to public universities includes that financial statements may be presented on a fund group basis, donor restricted contributions and unconditional pledges are recognized as revenue in the period received or promised, and donated services may be recognized as contributions if they meet FASB criteria. However, both private and public universities are required to present a statement of cash flows in their financial statements. Therefore, option B is incorrect.

Differences in Accounting for Private Colleges and Universities as Compared