ACC 410 WEEK 8 QUIZ 6
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Colleges and Universities
TRUE/FALSE (CHAPTER 13)
- Government (public) colleges and universities must adhere to the FASB pronouncements.
- Private not-for-profit colleges and universities are subject to the same FASB standards as other not-for-profit entities.
- Most colleges and universities classify revenues by source and expenses by function.
- GASB requires that revenues be classified into three categories of restrictiveness based on donor specification.
- In a public university setting, general administration and sponsored research are examples of revenues classified by source.
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