What Type of College or University Must Report Expenses by Functional

question 37

Multiple Choice

What type of college or university must report expenses by functional classification?

• A) Both private and public colleges and universities.
• B) Private colleges and universities.
• C) Public colleges and universities.
• D) Neither private nor public colleges and universities.

---

Definitions:

Offer Price

The price at which a seller is willing to sell an asset or service, often seen in the context of stock market orders.

Cost Basis

The original value of an asset for tax purposes, usually the purchase price, which is used to determine capital gain or loss upon sale.

Fixed Asset

Long-term tangible assets held for business use and not expected to be converted to cash in the current or upcoming fiscal year.

Long-Lived

Pertaining to assets, it refers to items that are expected to provide economic benefits over a prolonged period, generally exceeding one year.