1. For purposes of external reporting, private colleges and universities A.must adhere to all applicable FASB pronouncements. B.must adhere to all applicable GASB pronouncements. C. can opt to follow either all applicable FASB or all applicable GASB pronouncements. D. must follow all applicable NACUBO pronouncements.

2. For purposes of external reporting, a public college or university A.must report as if it were a generalpurpose government. B. may report as if it were a comparable private college or university. C. may report as a specialpurpose government engaged exclusively in businesstype activities. D. may report in accordance with the AICPA college and university model if it had adhered to that model prior to the issuance of GASB Statement No. 35.

3.Public universities should report state appropriations as A. operating revenues. B. nonoperating revenues. C. noncapital revenues. D. special revenues.