Question

Public colleges and universities are (primarily) subject to financial reporting standards issued by:

A) FASB.
B) GASB.
C) AICPA.
D) None of the above.

Answer 1

Public colleges and universities are primarily subject to financial reporting standards issued by the Governmental Accounting Standards Board (GASB).

Step-by-step explanation:

Public colleges and universities are primarily subject to financial reporting standards issued by the Governmental Accounting Standards Board (GASB). GASB is an independent organization that establishes and improves accounting and financial reporting standards for state and local governments, including public colleges and universities. GASB standards ensure transparency and accountability in the financial reporting of these institutions.