Non-Governmental Accounting Chapter 1 Multiple Choice 2026 _ Study Questions and Answers Page 1 Non-Governmental Accounting Chapter 1 Multiple Choice 2026 _ Study Questions and Answers.pdf
Non-Governmental
Accounting Chapter 1
Multiple Choice 2026 | Study
Questions and Answers
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_1 of 20
Page 1 of 20 2026-03-17
,Non-Governmental Accounting CH 1 MC Page 2 Non-Governmental Accounting CH 1 MC.pdf
The GASB sets accounting standards for all of the following except:
a) State and local governments
b) Component units owned or controlled by governments.
c) Private not-for-profit hospitals
d) Governmentally related not-for-profit universities.
c) Private not-for-profit hospitals
The FASB is responsible for setting accounting standards for all private not-for-profit organizations, including
hospitals not owned by a government.
The FASAB has the authority to establish accounting and financial reporting standards for:
a) State and local governments
b) Investor owned businesses
c) Private not-for-profits
d) Federal government agencies
d) Federal government agencies
Accounting and financial reporting standards for the federal government are published by the Federal Accounting
Standards Advisory Board (FASAB).
Page 2 of 20 2 of 20 2026-03-17
, Non-Governmental Accounting CH 1 MC Page 3 Non-Governmental Accounting CH 1 MC.pdf
The FASB has the authority to establish accounting and financial reporting standards for:
a) Commercial Businesses
b) Private not-for-profits
c) Both commercial businesses and private not-for-profits
d) Neither commercial businesses nor private not-for-profits
c) Both commercial businesses and private not-for-profits
Accounting and financial reporting standards for profit-seeking businesses and for nongovernmental not-for-profit
organizations are set by the FASB which includes private universities.
Level "A" GAAP for The University of Florida, a public university, would be established by the:
a) Financial Accounting Standards Board.
b) Governmental Accounting Standards Board.
c) American Institute of Certified Public Accountants.
d) National Association of College and University Business Officers.
b) Governmental Accounting Standards Board.
The GASB is responsible for setting accounting standards for all state and local governments and organizations
owned or controlled by a state or local government.
Page 3 of 20 3 of 20 2026-03-17
Non-Governmental
Accounting Chapter 1
Multiple Choice 2026 | Study
Questions and Answers
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_1 of 20
Page 1 of 20 2026-03-17
,Non-Governmental Accounting CH 1 MC Page 2 Non-Governmental Accounting CH 1 MC.pdf
The GASB sets accounting standards for all of the following except:
a) State and local governments
b) Component units owned or controlled by governments.
c) Private not-for-profit hospitals
d) Governmentally related not-for-profit universities.
c) Private not-for-profit hospitals
The FASB is responsible for setting accounting standards for all private not-for-profit organizations, including
hospitals not owned by a government.
The FASAB has the authority to establish accounting and financial reporting standards for:
a) State and local governments
b) Investor owned businesses
c) Private not-for-profits
d) Federal government agencies
d) Federal government agencies
Accounting and financial reporting standards for the federal government are published by the Federal Accounting
Standards Advisory Board (FASAB).
Page 2 of 20 2 of 20 2026-03-17
, Non-Governmental Accounting CH 1 MC Page 3 Non-Governmental Accounting CH 1 MC.pdf
The FASB has the authority to establish accounting and financial reporting standards for:
a) Commercial Businesses
b) Private not-for-profits
c) Both commercial businesses and private not-for-profits
d) Neither commercial businesses nor private not-for-profits
c) Both commercial businesses and private not-for-profits
Accounting and financial reporting standards for profit-seeking businesses and for nongovernmental not-for-profit
organizations are set by the FASB which includes private universities.
Level "A" GAAP for The University of Florida, a public university, would be established by the:
a) Financial Accounting Standards Board.
b) Governmental Accounting Standards Board.
c) American Institute of Certified Public Accountants.
d) National Association of College and University Business Officers.
b) Governmental Accounting Standards Board.
The GASB is responsible for setting accounting standards for all state and local governments and organizations
owned or controlled by a state or local government.
Page 3 of 20 3 of 20 2026-03-17
