QUESTION $49$

Which of the following statements is true regarding generally accepted accounting principles $($GAAP$)$ for colleges and universities?

The National Association of Colleges and University Business Officers $($NACUBO$)$ provides category $($b$)$ accounting principles under the FASB GAAP hierarchy.

Public and private colleges and universities are subject to the requirements in the AICPA audit and accounting guide for Not$-$for$-$Profit Entities.

The FASB has set standards for private and public colleges and universities from the time of its inception in $1974.$

The GASB is responsible for establishing GAAP for public colleges and universities.