Answer:
Yes, it is true in both public and private colleges measure and report most transactions in a similar manner.
Explanation:
While private institutions (like other not-for-profits) adhere to FASB standards, public colleges and universities follow GASB accounting rules. This distinction used to make a big difference because general-purpose governments and public institutions both utilised various monies.
Nowadays, the majority of public universities and colleges report as special-purpose governments carrying out commercial-type activities. They could show up as separately presented state government departments. Their financial statements closely resemble those of enterprise funds and measure events using the accrual method of accounting with an emphasis on economic resources.
As a result, the majority of transactions are measured and reported similarly by both public and private institutions.
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