7. Which organization has standard setting authority over governmentally related not-for-profit organizations, such as hospitals colleges and universities?A) GASB.B) AICPA.C) FASBD) SEC.A) GASB.Private not-for-profits must follow all applicable ____ standards in recording transactions.A) GASB.B) FASB.C) AICPA.D) SEC.B) FASB.69. Identify the standard setting body for private not-for-profit organizations and the basis of accounting that should be used.70. Which of the following is not a distinguishing characteristic of a private not-for-profit organization according to FASB Statement No. 116?71. What are the financial statements required for all nongovernmental, not-for-profit organizations?72. Which of the following are the net asset classes required by the FASB for private not-for-profit organizations?A) Assigned, Committed, and Unrestricted.
B) Unrestricted, temporarily restricted and Permanently restricted.C) Net investment in capital assets, Restricted, and Unrestricted.D) Partially Restricted, Temporarily Restricted, Unrestricted.B) Unrestricted, temporarily restricted and Permanently restricted.