An Accountant Has Encountered a Perplexing Financial Reporting Issue Related

question 39

Multiple Choice

An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing financial statements.The issue is not specifically addressed by FASB Statements.To what standards would the accountant first look for guidance?

• A)GASB Statements.
• B)AICPA accounting and auditing guide, Not-for-Profit Organizations.
• C)AICPA accounting and auditing guide, Audits of Colleges and Universities and/or AICPA SOP 74-8, Financial Accounting and Financial Reporting by Colleges and Universities.
• D)College textbooks.

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Definitions:

White Collar

A description characterizing lower-level professional and management workers and some highly skilled laborers in technical jobs.

Lower-management

The level of management directly supervising frontline employees, responsible for day-to-day operational decisions and implementing higher management policies.

Socioeconomic Status

An individual's or family's economic and social position in relation to others, based on income, education, and occupation.

Occupational Attainment

The level of achievement an individual has reached in their career, often measured by their job title, status, and income.