Which Organization Has Standard Setting Authority Over Governmentally Related Not-For-Profit

question 22

Multiple Choice

Which organization has standard setting authority over governmentally related not-for-profit organizations, such as hospitals colleges and universities?

• A) GASB.
• B) AICPA.
• C) FASB
• D) SEC.

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Definitions:

Normal Balance

The side (debit or credit) of an account that is normally increased. For assets and expenses, it is the debit side; for liabilities, equity, and revenue, it is the credit side.

Account Nature

Refers to the intrinsic characteristics of an account that determine how transactions are recorded and classified, such as whether it is an asset, liability, revenue, or expense account.

Financial Statement

Reports that quantify the financial strength, performance, and liquidity of a company during a specific period.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, indicating its typical increase direction.