Revenues and expenses of both public business-type and private colleges and universities are accounted for on the accrual basis.

Name: Revenues and expenses of both public business-type and private colleges and universities are accounted for on the accrual basis.
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Under GASB standards public colleges and universities engaged only in business-type activities use accrual accounting. Private colleges and universities following FASB standards also use accrual accounting.

Revenues and Expenses of Both Public Business-Type and Private Colleges