$1.$ The body with primary accounting standards$-$setting authority for state and local govern

ments is the

a$.$ American Institute of Certified Public Accountants.

b$.$ Financial Accounting Standards Board.

c$.$ Government Finance Officers Association.

d$.$ Governmental Accounting Standards Board.

$2.$ The body with primary accounting standards$-$setting authority for colleges and universities

is the

a$.$ National Association of College and University Business Officers.

b$.$ Financial Accounting Standards Board.

c$.$ Governmental Accounting Standards Board.

d$.$ Governmental Accounting Standards Board for governmental colleges and universities

and the Financial Accounting Standards Board for all other colleges and universities.