Question

Public colleges and universities follow accounting standards established by ______. multiple choice question. aicpa gasb fasb

Answer 1

Public colleges and universities adhere to FASB-established accounting standards.

What Is the FASB (Financial Accounting Standards Board)?

The Financial Accounting Standards Board (FASB) is a nonprofit organization that is independent and in charge of developing generally accepted accounting principles-based accounting and financial reporting standards for businesses and nonprofit organizations in the United States (GAAP).

The Accounting Principles Board was replaced and its mandate was continued by the FASB, which was established in 1973. The company's main office is in Norwalk, Connecticut. In the US, public and private businesses, as well as nonprofit organizations, are subject to the Financial Accounting Standards Board's interpretation and elaboration of generally accepted accounting principles (GAAP).

When producing and presenting their financial accounts, including any related party transactions, businesses, nonprofit organizations, and governments should adhere to a set of standards called GAAP.

Learn more about FASB with the help of the given link:

brainly.com/question/13278279

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