True/False Questions
1. Private colleges and universities use the same accounting and reporting standards as public colleges and universities.
2. The AICPA
Audit Guide: Not-for-Profit Organizations
applies to all colleges and universities.
3.Private, Not-for-profit Colleges and Universities and Investor-owned Schools follow FASB standards and adhere to the accrual basis of accounting.
4.Private colleges and universities are subject to the standards issued by the FASB.
5.Public colleges and universities are subject to the standards issued by the FASB.
6.Investor-owned proprietary schools are subject to the standards issued by the FASB
7.Private colleges and universities and investor-owned proprietary schools report the same categories of net assets.
8. Private colleges and universities use the same accounting and reporting standards as other private not-for-profit organizations.
9.Private colleges and universities are required to report net assets within the categories of unrestricted, temporarily restricted and permanently restricted.
10.Private colleges and universities are required to report net assets within the categories of unrestricted, restricted and net investment in capital assets.
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