Under GASB Statement 35,public Colleges and Universities Are Permitted to Report

question 43

Multiple Choice

Under GASB Statement 35,public colleges and universities are permitted to report as special purpose governments engaged in:

• A) Business-type activities only.
• B) Both governmental and business-type activities.
• C) Governmental activities only.
• D) Any one of the above.

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Definitions:

Natural Resources

Raw materials and resources naturally occurring in the environment, such as minerals, forests, and water.

National Laws

The legal regulations and statutes that are enacted and enforced by a country's government.

International Law

A body of rules and principles that govern the relations and dealings between nations.

Commercial Activity

Any type of business operation or venture that involves the exchange of goods or services with the intention of generating profit.