Which of the following is true about activities that are reported both by governments and by commercial and nonprofit entities?

1. Colleges and universities that are operated by state governments use the same accounting standards as those operated as private colleges by nonprofits
2. Electric utilities are reported using the same methods because, regardless of ownership, all are rate-regulated entities within in their respective states
3. Hospitals and colleges and universities apply the same reporting standards, regardless of ownership
4. None of the above