114.What is the basis of accounting for a private college or university and what are the principal sources of reporting standards? 115.With respect to private colleges and universities, why are...

114.What is the basis of accounting for a private college or university and what are the principal sources of reporting standards?

115.With respect to private colleges and universities, why are quasi-endowments not classified as permanently restricted net assets while true endowments are?

116.Distinguish between (a) true endowments, (b) term endowments, and (c) quasi-endowments. Explain how the net assets of each is classified by a private college or university.

117.How should the income earned by a private college's endowment be classified?