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:

Egocentrism

Putting oneself at the center of things such that one is unable to perceive the world from another person’s point of view. Egocentrism is normal in early childhood, but is a matter of choice, and rather intolerable, in adults.

Self-Esteem

An individual's subjective evaluation of their own worth or value, which can influence mental health and behavior.

Closeness

The quality or state of being close or intimate with someone emotionally or physically.

Industry Versus Inferiority

The fourth stage of psychosocial development in Erikson’s theory, occurring in middle childhood. Mastery of tasks leads to a sense of industry, whereas failure produces feelings of inferiority.