Question 47 (2 points) The primary standard-setting body for accounting and financial reporting by a state- supported college or university is: GASB. FASB AICPA. All of the above. Question 48 (2 points) Under the GASB Statement No. 34 reporting model, which of the following is required? Only one set of financial statements, prepared on the full accrual basis of accounting Only one set of financial statements, prepared on the modified accrual basis of accounting. Two sets of financial statements. One set views the government as a collection of parate funds and uses the current financial resources measurement focus and modified accrual basis of accounting for governmental funds. The other set views the government as a whole by combining all governmental activities in one column and all business-type activities in another column and uses the full accrual basis of accounting for both columns. Two sets of financial statements. One set views the government as a whole and uses the current financial resources measurement focus and modified accrual basis of accounting. The other set views the government by function, combines all governmental activities in one column and all business-type activities in another column, and uses the full accrual basis of accounting for both columns