Over the Years, Four Alternatives Have Been Suggested for Constructing

question 10

Multiple Choice

Over the years, four alternatives have been suggested for constructing the financial statements for public colleges and universities. These alternatives include all of the following except:

• A) Adopt FASB's requirements so that all colleges and universities (public and private) prepare comparable financial statements.
• B) Apply a more traditional model focusing on fund financial statements and the wide variety of funds that such schools often have to maintain.
• C) Create an entirely new set of financial statements designed specifically to meet the unique needs of public colleges and universities.
• D) Adopt the requirements issued by the Private Company Council (PCC) of the FASB.
• E) Adopt the same reporting model for public schools that has been created for state and local governments.

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Definitions:

Salient External Factor

Refers to a noticeable, external element or condition that significantly influences individuals' thoughts, feelings, or behaviors.

Attitudes

A psychological tendency expressed by evaluating a particular entity with some degree of favor or disfavor.

Expectancy-Value Theory

The theory that effort is based on the value or desirability of the goal, multiplied by the person’s assessment of how likely it is that she will be able to attain the goal.

Desirability

The quality of being wanted or wished for as appealing, attractive, or necessary.