Nongovernmental (private) colleges and universities should follow FASB standards; governmental (public) colleges and universities should follow GASB standards.

Question

Quizplus · Accepted Answer

FASB (Financial Accounting Standards Board) standards are designed for private institutions, while GASB (Governmental Accounting Standards Board) standards are intended for public institutions. Therefore, it is recommended that private colleges and universities follow FASB standards, while public institutions follow GASB standards.

Nongovernmental (Private) Colleges and Universities Should Follow FASB Standards; Governmental