Level "A" GAAP for The University of Virginia, a public institution, would be established by the:
A) Financial Accounting Standards Board.
B) Governmental Accounting Standards Board.
C) American Institute of Certified Public Accountants.
D) National Association of College and University Business Officers.

Question

Quizplus · Accepted Answer

The University of Virginia is a governmentally related university. The Governmental Accounting Standards Board sets accounting and financial reporting standards for state and local governments in the U.S., governmentally related not-for-profit organizations, such as colleges and universities, health care entities, museums, libraries, and performing arts organizations that are owned or controlled by governments. So GASB would establish level "A" GAAP for the University.

Level "A" GAAP for the University of Virginia, a Public