Which Organization Has Standard Setting Authority Over Governmentally Related Not-For-Profit

question 64

Multiple Choice

Which organization has standard setting authority over governmentally related not-for-profit organizations,such as hospitals colleges and universities?

• A) FASB.
• B) GASB.
• C) AICPA.
• D) SEC.

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Definitions:

Business Expenses

Costs incurred in the ordinary course of business, including salaries, utilities, and rent.

Income Statement

A financial report that shows a company's revenues and expenses over a specific period, culminating in the net income or loss for that period.

Asset

Economic resources owned or controlled by an entity that are expected to produce value.

Liability

Financial obligations or debts a company owes to others.