All not-for-profit organizations, including city-owned museums and two-year community colleges, must adhere to FASB accounting and financial reporting standards.

Question

Quizplus · Accepted Answer

Not-for-profit organizations follow FASB (Financial Accounting Standards Board) standards, but public colleges and government-owned entities adhere to GASB (Governmental Accounting Standards Board) standards.

All Not-For-Profit Organizations, Including City-Owned Museums and Two-Year Community Colleges