Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.
a. It resembles the financial reporting of private colleges and universities.
b. It will continue to use its own unique style of financial reporting.
c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.
d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
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