Responsibility for Establishing Generally Accepted Accounting Principles (GAAP)for Nongovernmental,not-For-Profit Organizations

question 44

Multiple Choice

Responsibility for establishing generally accepted accounting principles (GAAP) for nongovernmental,not-for-profit organizations rests with the FASB and was most clearly established

• A)In the 1930s.
• B)When the FASB was created in 1974.
• C)When the GASB was created in 1984.
• D)In the AICPA's Statement of Auditing Standards No.69 (hierarchy of GAAP)in 1992.

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Definitions:

Gift Causa Mortis

A gift made by an individual in contemplation of imminent death, which can be revoked if the person survives.

Testate Distribution

The allocation of a deceased person's assets in accordance with their will.

Trademark

An emblem, wording, or set of words officially recorded or authorized through usage to depict an enterprise or its goods.

Initially Renewed

Refers to the action of extending the term of an agreement, contract, or service for the first time beyond its original end date.