Public Colleges and Universities Are Primarily Subject to Financial Reporting

question 96

Multiple Choice

Public colleges and universities are primarily subject to financial reporting standards issued by:

• A) FASB.
• B) GASB.
• C) AICPA.
• D) None of the above.

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Definitions:

Original Obligor

The party originally obligated to repay a debt or fulfill a contractual obligation before any assignments or transfers of the obligation.

Delegable Duty

A responsibility or duty that can be transferred or assigned from one party to another, often seen in contexts of employment or contractual agreements.

Incidental Beneficiary

A third party who benefits from a contract between two other parties, although the benefit was not the reason the contract was formed.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, particularly where the contract's intent is to gift something to the beneficiary.