Government and Not-for-profit Accounting Discussion Post

"Accounting Standards for Colleges and Universities" Please respond to the following:

• Using Chapter 13 in the textbook, summarize the major types of colleges and universities. Identify the accounting standards that these educational institutions are required to follow.
• Imagine that you work in the accounting department of a university and your boss has asked you to prepare a financial statement presentation of the endowments.  Discuss the three (3) types of endowments and how they are presented on the financial statements of a public and a private university or college.  In your discussion explain the restrictions imposed on each type of endowment and the corresponding justification for designation as restricted or unrestricted.