Question 21 2.5 pts Which of the following statements is true? All colleges and universities report under the same GAAP guidelines. Public colleges and universities must report as special purpose governments engaged only in business-type activities. Private colleges and universities must report using FASB guidance. Public colleges and universities are permitted to follow either the FASB guidance or the GASB guidance. atalog Private colleges and universities must report using the FASB guidance. Public colleges and universities must report using GASB guidance. ver Next