PUBLIC VS. PRIVATE UNIVERSITIES For the remaining questions, indicate whether the statement applies to a public (GASB) or a private (FASB) university or both Question 46 (2 points) Infrastructure assets would be reported as land improvements public universities private universities both public and private universities Question 47 (2 points) Intangible assets are reported as a classification within capital assets Intangible assets are reported as a classification within capital assets O Public universities O Private universities Both public and private universities Question 48 (2 points) Collection items are disclosed in the notes of the financial statements instead of being reported on the balance sheet. Public universities Private universities Both public and private universities Pell Grants are treated as resources held for the students in an agency relationship O Public universities Private universities Both public and private universities Question 50 (2 points) Contributed services are not recognized Public universities Private universities Both public and private universities The cash flow statement can be prepared using either the direct or indirect method Public universities Private universities Both public and private universities Question 52 (2 points) Saved Tuition and fees are reported are reported net of estimated uncollectible amounts. No contra revenue account is used. Public universities Private universities Both public and private univerities