Private colleges and universities should account for all grants on the accrual basis as exchange transactions.

Name: Private colleges and universities should account for all grants on the accrual basis as exchange transactions.
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Question

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Private colleges and universities should account for grants based on the substance of the transaction, which can be either as exchange transactions or as non-exchange transactions (contributions), depending on the terms and conditions of the grants.

Private Colleges and Universities Should Account for All Grants on the Accrual