Although it no longer is required for external financial reporting, the AICPA's 1973 Audits of Colleges and Universities provides for which of the following in its guidance on fund structure?
A)Plant funds
B)Loan funds
C)Annuity funds
D)All of the above

Question

Quizplus · Accepted Answer

The AICPA's 1973 Audits of Colleges and Universities provides guidance on all three types of fund structures including plant funds, loan funds, and annuity funds. While these funds may no longer be required for external financial reporting, they are still relevant for internal management and accounting purposes.

Although It No Longer Is Required for External Financial Reporting