Concept explainers
Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.
Answer to Problem 1Q
For private not-for-profit universities and colleges financial accounting standards board (FASB) has the authority for issuing reporting standards.
Explanation of Solution
GASB standard is followed by public colleges and universities. Reporting model same as local and state government is directed to use by public colleges and universities. On other side not for profit private universities and colleges follow FASB accounting standard codification. For not-for-profit private universities and colleges FASB has the authority for issuing reporting standards. Here FASB is abbreviation of “Financial Accounting Standards Board”.
Want to see more full solutions like this?
Chapter 18 Solutions
ADVANCED ACCOUNT LL/W CONNECT +PROCTORIO
- Pedro Manufacturing expects overhead costs of $360,000 per year and direct production costs of $15 per unit. The estimated production activity for the 2023 accounting period is as follows: 1st 2nd 3rd 4th Quarter Units Produced 10,000 9,500 8,000 10,500| The predetermined overhead rate based on units produced is (rounded to the nearest penny): a. $9.47 per unit b. $10.00 per unit c. $8.05 per unit d. $11.25 per unitarrow_forwardPlease provide the answer to this general accounting question with proper steps.arrow_forwardCan you solve this general accounting question with accurate accounting calculations?arrow_forward
- On March 1, 20X1, your company,which uses Units-of-Production (UOP) Depreciation, purchases a machine for $300,000.arrow_forwardPlease provide the accurate answer to this general accounting problem using valid techniques.arrow_forwardI am searching for the right answer to this financial accounting question using proper techniques.arrow_forward
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College