Which of the following rule-making authorities would establish accounting standards for New York University? The AICPA The FASB The FASAB The GASB
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Which of the following rule-making authorities would establish accounting standards for New York University?
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The AICPA |
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The FASB |
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The FASAB |
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The GASB |
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- What is the most common form for the financial statements prepared by public colleges and universities?What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?Write a 700 words that analyzes the differences between generally accepted accounting principles for public and private colleges and universities. Explain why it is important to identify whether the institution is Public or Private. Clarify which of the two—public or private—follow the same reporting guidelines as nongovernmental not-for-profit organizations. Analyze, in general terms, the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university. Identify the major format differences in financial reporting for public and private colleges and universities. Formulate an opinion about which statement provides more transparent information regarding revenues and on the amounts of restricted resources.
- Which of the following “bodies designated by Council” have been authorized to promulgategeneral standards enforceable under the General Standards Rule of the AICPA Code of Professional Conduct?a. AICPA Division of Professional Ethics.b. Financial Accounting Standards Board.c. Government Accounting Standards Board.d. Accounting and Review Services Committee.The Financial Accounting Standards Board (FASB) is the body authorized to establish accounting principles for all colleges and universities and health care entities. True or FalseWhat are some of the major differences that exist between private colleges and universities and public colleges and universities that affect financial reporting?
- What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?Who should set accounting standards? A government agency or private body such as the FASB?The Financial Accounting Standards Board (FASB) is the organization in charge of establishing accounting standards for all colleges, universities, and health-care organizations. Is it true or false?
- " Accounting is shaped by , reflects , and reinforces particular characteristics unique to its national environment ” . Explain how the environmental factors affect the national development of accounting system .The Financial Accounting Standards Board (FASB) is the entity charged with the responsibility of establishing accounting standards for all schools, universities, and health care organizations. False or TrueWhich International body issued the Code of Ethics for Professional Accountants? a. IESBA b. IFRS c. IAASB d. GAAP