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

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Definitions:

Net Pay

The amount of an employee's earnings after all deductions, such as taxes and retirement contributions, have been subtracted.

Social Security Tax

A tax that funds the Social Security program, deducted from employees' salaries and matched by employers, supporting retirees, disabled workers, and survivors.

Federal Income Tax

This is a tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.

Social Security Tax

A tax that funds the Social Security program, typically collected as part of the FICA tax.