Neither the GASB nor the FASB sets standards for budgetary accounting.

Question

Quizplus · Accepted Answer

The GASB (Governmental Accounting Standards Board) and the FASB (Financial Accounting Standards Board) are responsible for setting accounting standards for different types of organizations. The GASB sets standards for state and local governments, while the FASB sets standards for private companies and non-profit organizations. However, neither of these boards is responsible for setting standards for budgetary accounting, which is typically the responsibility of the organization's management or governing body.

Neither the GASB nor the FASB Sets Standards for Budgetary