Final answer:
GAAP for nongovernmental, not-for-profit organizations is set by the FASB and the AICPA.
GAAP for not-for-profit organizations are mainly set by the FASB; the AICPA offers additional guidance but does not establish GAAP.
Step-by-step explanation:
True. GAAP for nongovernmental, not-for-profit organizations is indeed set by the FASB (Financial Accounting Standards Board) and the AICPA (American Institute of Certified Public Accountants).
GAAP for not-for-profit organizations are mainly set by the FASB; the AICPA offers additional guidance but does not establish GAAP.
The statement that GAAP for nongovernmental, not-for-profit organizations is set by the FASB and the AICPA is partly true.
GAAP, or Generally Accepted Accounting Principles, for not-for-profit organizations are primarily established by the Financial Accounting Standards Board (FASB). However, the American Institute of Certified Public Accountants (AICPA) can provide supplementary guidance and industry-specific instructions for applying the standards set by the FASB but does not set GAAP by itself.