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.

---

Definitions:

Tax Schedule

A detailed plan or system for calculating tax liabilities based on income, deductions, and credits according to relevant laws and regulations.

Taxable Income

The amount of income used to calculate how much tax an individual or a company owes to the government.

Total Tax

The combined amount of all taxes owed by an individual or corporation in a given year, including federal, state, and local taxes.

Retained Earnings

Retained earnings are the portion of a company's profits that is kept or retained within the business for reinvestment or to pay debt, rather than being distributed to shareholders as dividends.