Private colleges and universities are (primarily)subject to financial reporting standards issued by?
A) GASB.
B) FASB.
C) AICPA.
D) None of the above.

Question

Quizplus · Accepted Answer

Private colleges and universities are subject to financial reporting standards issued by the Financial Accounting Standards Board (FASB), just like other private entities. The Governmental Accounting Standards Board (GASB) is responsible for standard-setting for governmental entities, while the American Institute of Certified Public Accountants (AICPA) provides guidance and standards for accounting professionals.

Private Colleges and Universities Are (Primarily)subject to Financial Reporting Standards