GASB Accounting and Reporting Standards Applicable to Public Colleges and Universities

question 11

Multiple Choice

GASB accounting and reporting standards applicable to public colleges and universities:

• A) Are now the same as FASB standards to permit comparability between public and private colleges and universities.
• B) Permit public colleges and universities to use the AICPA model which differs substantially from the reporting model used by private colleges and universities subject to FASB jurisdiction.
• C) Permit public colleges and universities to optionally follow FASB standards.
• D) Differ in some significant ways from FASB standards applicable to private colleges and universities.

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Definitions:

Regression Sum Of Squares

A measure of the variance explained by the regression model, representing the difference between the observed values and the mean of the dependent variable.

Adjusted Coefficient

A statistical measure corrected for the number of predictors in a model to better assess the goodness-of-fit.

Explanatory Variable

A variable in a statistical model that is used to explain variations in the dependent variable.

Error Sum Of Squares

A measure in statistics of the discrepancy between the data and an estimation model.