An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing financial statements.The issue is not specifically addressed by FASB Statements.To what standards would the accountant first look for guidance?
A)GASB Statements.
B)AICPA accounting and auditing guide, Not-for-Profit Organizations.
C)AICPA accounting and auditing guide, Audits of Colleges and Universities and/or AICPA SOP 74-8, Financial Accounting and Financial Reporting by Colleges and Universities.
D)College textbooks.

Question

Quizplus · Accepted Answer

The accountant should first look to the AICPA accounting and auditing guide, Audits of Colleges and Universities and/or AICPA SOP 74-8, as these provide specific guidance for financial accounting and reporting by colleges and universities.

An Accountant Has Encountered a Perplexing Financial Reporting Issue Related