Which of the Following Statements Is True Regarding Generally Accepted

question 41

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)only recently began to play a role in establishing accounting and reporting standards for colleges and universities.
• C)Public and private colleges and universities must comply with the 1973 AICPA Audit and Accounting Guide Audits of Colleges and Universities for financial reporting.
• D)The GASB is responsible for establishing GAAP for public colleges and universities.

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Definitions:

Enculturation

The process by which an individual learns the values, norms, customs, and social practices of their culture through socialization.

Subcultures

Cultural groups within a larger culture, often with beliefs or interests at variance with those of the larger culture.

Symbols

Objects, signs, or emblems that represent or stand for something else, often communicating complex ideas, concepts, or values.

Ethnic Group

A community of people who share a common cultural background, ancestry, language, history, and often, geographic origin.