15-16: Identifying the Appropriate GAAP
For each of the college and university reporting requirements listed in Column B of Table 1 below, identify the standard-setting body, or bodies, imposing the requirement. Enter FASB, GASB, or FASB & GASB in Column A to the left of each requirement.
Table 1. Appropriate GAAP Worksheet.
Column A	Column B
	1. Patents are classified as capital assets.
	2. Sidewalks are classified as land improvements.
	3. Revenues and expenses must be categorized as operating and non-operating.
	4. Tuition and fees must be shown net of any estimated uncollectible amounts.
	5. Expenses must be reported by program and support (management and general, and fund-raising) function classifications.
	6. Statement of cash flows must be prepared using the direct method.
	7. The purchase of a building is reported as an investing activity on the statement of cash flows.
	8. The receipt of student deposits for housing is reported as a liability, Deposits Held in Custody for Others.
	9. The cash from a debt issuance is reported in the capital and related financing activities section on the statement of cash flows.
	10. The collection of historical first editions can be reported as a note rather than on the face of the financial statement provided certain conditions are met.