Who Is the Standard Setting Body for Private Not-For-Profit Organizations

question 80

Multiple Choice

Who is the standard setting body for private not-for-profit organizations and what type of accounting method do they use?

• A) GASB & Accrual
• B) GASB & Modified Accrual
• C) FASB & Accrual
• D) FASB & Modified Accrual

---

Definitions:

Public Good

A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.

Police Services

Essential public services provided by the police, focused on maintaining public order, enforcing the law, and protecting citizens and their property.

Trash Removal

The collection, transport, processing, and disposal or recycling of waste materials from homes, businesses, and other sources.

Elected Officials

Individuals chosen by voters to hold public office and make legislative or executive decisions.