For which types of organizations is the Financial Accounting Standards Board (FASB)responsible for establishing accounting and financial reporting standards?
A)Business-type organizations and not-for-profit organizations,including not-for-profit colleges,universities and health care providers
B)Business-type organizations;not-for-profit organizations;and all colleges,universities and health care providers,whether organized as not-for-profit or governmental entities
C)Business-type organizations only
D)All entities,except for those under the jurisdiction of the American Institute of CPAs

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is responsible for establishing accounting and financial reporting standards for business-type organizations and not-for-profit organizations, including not-for-profit colleges, universities, and health care providers. This does not extend to all colleges, universities, and health care providers if they are organized as governmental entities, nor does it cover all entities under the jurisdiction of the American Institute of CPAs.

For Which Types of Organizations Is the Financial Accounting Standards