Private Colleges and Universities Must Provide Aggregated Entity-Wide Financial Statements

question 34

True/False

Private colleges and universities must provide aggregated entity-wide financial statements prepared in conformity with FASB Statement No.117.Consequently,private colleges and universities no longer utilize fund accounting.

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Definitions:

Empirical Data

Information gathered through observation or experimentation that can be analyzed to gain knowledge.

External Forces

Factors outside of an individual's or organization's control that affect their decisions or operations.

Scientific Theories

Thoroughly validated interpretations of particular facets of the natural world, grounded in an evidential base that has been consistently reaffirmed through both empirical observation and experimental procedures.