11.Private colleges and universities use the economic resources measurement focus and the accrual basis of accounting.
12.According to the rules for accounting for colleges and universities under the jurisdiction of the FASB, if both unrestricted and restricted resources are available for a restricted purpose, the FASB requires that the institution recognize the use of restricted resources first.
13.According to the rules for accounting for colleges and universities under the jurisdiction of the FASB, revenues and expenses are reported atnet amounts and gains and losses are reported at gross amounts.
14.According to the rules for accounting for colleges and universities under the jurisdiction of the FASB, expenses are reported by function, either in the statements or in the notes.
15.According to the rules for accounting for colleges and universities under the jurisdiction of the FASB, an institution may decide not to capitalize museum and other inexhaustible collections.
16.According to the rules for accounting for colleges and universities under the jurisdiction of the FASB, contributed services should be recognized when the services create or enhance nonfinancial assets or require specialized skills, are provided by an individual possessing those skills, and would typically be purchased if not provided by donation.
17.According to the rules for accounting for colleges and universities under the jurisdiction of the FASB, multiyear pledges are recorded as restricted revenue for the present value pledge (net of estimates for uncollectible amounts) when the pledge is made.
18.Private colleges and universities record depreciation expense and allocate it to functions.
19.Private colleges and universities are required to present a Statement of Cash Flows using the direct method.
20.According to the rules for accounting for colleges and universities under the jurisdiction of the FASB, depreciation is recorded. When reporting by function, depreciation is allocated to functional categories.