In Descending Order, the Hierarchy of GAAP Applicable to a Church-Owned

question 33

Multiple Choice

In descending order, the hierarchy of GAAP applicable to a church-owned college may be:

• A)FASB Statements, AICPA Industry Audit Guides, FASB Implementation Guides, GASB Standards.
• B)FASB Statements, FASB Technical Bulletins, FASB Implementation Guides, AICPA Practice Bulletins (if cleared by FASB).
• C)GASB Statements, AICPA Industry Audit Guides, GASB Implementation Guides, FASB Standards.
• D)GASB Statements, GASB Technical Bulletins, GASB Implementation Guides, AICPA Practice Bulletins (if cleared by GASB).

---

Definitions:

Balance on Capital Account

A national accounting measure that records all transactions for foreign investments and loans going in and out of a country.

Net Transfers

The net amount of money, goods, or services being transferred from one entity to another, after accounting for inflows and outflows.

Balance of Capital

The net flow of capital, such as money and assets, into or out of a country, reflecting all financial transactions.

Financial Account

A component of a country’s balance of payments that records transactions of international investments, both private and public.