The GASB sets accounting standards for all of the following except:
A) State and local governments
B) Nongovernmental not-for-profit hospital
C) Component units owned or controlled by governments
D) Governmentally related not-for-profit universities

Question

Quizplus · Accepted Answer

The GASB sets accounting standards for state and local governments, component units owned or controlled by governments, and governmentally related not-for-profit organizations. However, nongovernmental not-for-profit hospitals are not within the scope of the GASB's accounting standards. Instead, they would be subject to accounting standards set forth by other organizations such as the Financial Accounting Standards Board (FASB) or the Healthcare Financial Management Association (HFMA).

The GASB Sets Accounting Standards for All of the Following