According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,accrual accounting is used.Revenues and expenses are reported at gross amounts and gains and losses are reported net.

Question

Quizplus · Accepted Answer

Colleges and universities under the jurisdiction of the FASB are required to use accrual accounting and report revenues and expenses at gross amounts, while gains and losses are reported net.

According to the Rules for Accounting for Colleges and Universities