Public colleges and universities are primarily subject to financial reporting standards issued by:
A) FASB.
B) GASB.
C) AICPA.
D) None of the above.

Question

Quizplus · Accepted Answer

Private colleges follow standards established by the FASB, including those specifically for not-for-profit entities. Public colleges and universities following accounting standards established by the GASB and investor-owned colleges follow FASB.

Public Colleges and Universities Are Primarily Subject to Financial Reporting