Question

Generally accepted accounting principles (GAAP) for nongovernmental not-for-profit colleges and universities would be found in:

A) AICPA Audit and Accounting Guides, "Not-for-Profit Entities."
B) FASB pronouncements.
C) National Association of College and University Business Officer's Financial Accounting and Reporting Manual (FARM).
D) All of the above.

Answer 1

The generally accepted accounting principles (GAAP) for nongovernmental not-for-profit colleges and universities can be found in the AICPA Audit and Accounting Guides, FASB pronouncements, and the National Association of College and University Business Officer's Financial Accounting and Reporting Manual (FARM). The correct answer is D) All of the above.

Step-by-step explanation:

The generally accepted accounting principles (GAAP) for nongovernmental not-for-profit colleges and universities can be found in the following sources:

AICPA Audit and Accounting Guides, "Not-for-Profit Entities": This guide provides accounting standards and guidance specifically tailored for not-for-profit entities, including colleges and universities.

FASB pronouncements: The Financial Accounting Standards Board (FASB) establishes accounting standards for all U.S. organizations, including not-for-profit colleges and universities.

National Association of College and University Business Officer's Financial Accounting and Reporting Manual (FARM): This manual is a comprehensive resource that provides specific guidance on financial accounting and reporting for colleges and universities.

Therefore, the correct answer is D) All of the above, as all three sources contain GAAP for nongovernmental not-for-profit colleges and universities.