The FASB has the authority to set accounting standards for all of the following organizations except:
A) Public colleges.
B) Private colleges.
C) For profit proprietary schools.
D) Educational foundations established to support a private college or university.

Question

Quizplus · Accepted Answer

The FASB sets accounting standards for private and public companies, non-profit organizations, and state and local governments. However, it does not have the authority to set accounting standards for public colleges, which are typically governed by state regulations and accounting principles.

The FASB Has the Authority to Set Accounting Standards for All