Which of the Following Statements Is True Regarding Generally Accepted

question 62

Multiple Choice

Which of the following statements is True regarding generally accepted accounting principles (GAAP) for colleges and universities?

• A) The FASB has set standards for private and public colleges and universities from the time of its inception in 1974.
• B) The National Association of Colleges and University Business Officers (NACUBO) provides category (b) accounting principles under the FASB GAAP hierarchy.
• C) Public and private colleges and universities are subject to the requirements in the AICPA audit and accounting guide for Not-for-Profit Entities.
• D) The GASB is responsible for establishing GAAP for public colleges and universities.

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Definitions:

Black Lives Matter

A movement advocating for the rights and dignity of Black individuals, highlighting issues of racial discrimination and violence.

Marginalized Groups

Communities or segments of society that experience discrimination and exclusion due to various factors like race, economic status, gender identity, or sexual orientation.

Police Violence

The use of excessive or unnecessary force by police officers against civilians, often tied to discussions of systemic racism and justice reform.

Hashtag Activism

The use of hashtags on social media platforms to foster discourse, raise awareness, and promote social or political causes.