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

question 50

Multiple Choice

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

• A) FASB Statements and Interpretations, AICPA Accounting Research Bulletins, Accounting Principles Board Opinion, FASB Technical Bulletins, AICPA Industry Audit Guides, FASB Implementation Guides, other accounting literature-including GASB standards.
• B) FASB Statements and Interpretations, GASB standards, AICPA Practice Bulletins (if cleared by FASB).
• C) GASB Statements and Interpretations, AICPA Industry Audit Guides, GASB Implementation Guides, other accounting literature-including FASB standards.
• D) GASB Statements and Interpretations, GASB Technical Bulletins, AICPA Industry Audit Guides, AICPA Practice Bulletins (if cleared by GASB), GASB Implementation Guides, other accounting literature-including FASB standards.

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Definitions:

Young Adults

Individuals in a life stage occurring after adolescence, typically aged between 18 to 25, marked by continued growth and personal development.

Memory

The mental capacity or faculty of retaining and reviving facts, events, impressions, or recalling or recognizing previous experiences.

Sleepiness

A state of strong desire for sleep, or sleeping for unusually long periods (compare with tiredness).

Sleep

A naturally recurring state of mind and body characterized by altered consciousness, relatively inhibited sensory activity, and inhibition of nearly all voluntary muscles.