Because budgetary accounts are used by governments, government financial statements can never be said to be in accord with generally accepted accounting principles.

Question

Quizplus · Accepted Answer

Government financial statements can be in accord with generally accepted accounting principles (GAAP) as the Governmental Accounting Standards Board (GASB) provides GAAP for state and local governments, and the Federal Accounting Standards Advisory Board (FASAB) does so for federal entities.

Because Budgetary Accounts Are Used by Governments, Government Financial Statements