PUBLIC COLLEGES AND UNIVERSITIES 1. Public colleges use: a. An economic resources measurement focus. b. A current resources focus. c. A modified accrual accounting approach. d. A cash basis accounting...

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Extracted text: PUBLIC COLLEGES AND UNIVERSITIES 1. Public colleges use: a. An economic resources measurement focus. b. A current resources focus. c. A modified accrual accounting approach. d. A cash basis accounting approach. 2. According to SGAS 35, a public university is re- quired to report: a. Fund-based financial statements. b. Institution-wide (government-wide) financial statements c. A balance sheet for the general fund. d. An actual vs. budget report for the special reve- nue fund. 3. A management's discussion and analysis report for public colleges: a. Is optional. b. Should be reported as part of the footnotes. c. Is required and should precede the financial statements. d. Is required and should follow the presentation of each financial statement.