Private Colleges and Universities Are Primarily) Subject to Financial Reporting

question 43

Multiple Choice

Private 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:

Fiscal Year

A 12-month period used for accounting purposes and the preparation of financial statements, which may or may not align with the calendar year.

Discounted Note

A promissory note issued at a price lower than its face value that promises to pay the holder the full face value at maturity.

Journal Entry

A record in accounting journals that details a business transaction, including information about debits and credits to various accounts.

Overdue Account Payable

An obligation or debt that a company has not paid by its due date.