Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

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Answer 1

Question

Chapter 18, Problem 1Q

To determine

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

Expert Solution & Answer

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”.

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Answer 2

Question

Chapter 18, Problem 1Q

To determine

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

Expert Solution & Answer

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”.

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Answer 3

Question

Chapter 18, Problem 1Q

To determine

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

Expert Solution & Answer

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”.

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Answer 4

Question

Chapter 18, Problem 1Q

To determine

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

Expert Solution & Answer

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”.

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Answer 5

Chapter 18, Problem 1Q

To determine

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

Expert Solution & Answer

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”.

Answer 6

Chapter 18, Problem 1Q

To determine

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

Expert Solution & Answer

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”.

Answer 7

Chapter 18, Problem 1Q

To determine

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

Answer 8

Expert Solution & Answer

Answer to Problem 1Q

For private not-for-profit universities and colleges financial accounting standards board (FASB) has the authority for issuing reporting standards.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

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”.

Answer 12

Ch. 18 - Prob. 1Q Ch. 18 - Prob. 2Q Ch. 18 - Prob. 3Q Ch. 18 - What are temporarily restricted net assets?Ch. 18 - What are permanently restricted net assets?Ch. 18 - Prob. 6Q Ch. 18 - Prob. 7Q Ch. 18 - Prob. 8Q Ch. 18 - Prob. 9Q Ch. 18 - Prob. 10Q

Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.

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

Explanation of Solution

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Chapter 18 Solutions