The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for
A) All not-for-profit organizations that are nongovernmental and business entities.
B) All special purpose governments.
C) All not-for-profit organizations.
D) All federal government agencies.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) sets accounting and financial reporting standards for all nongovernmental entities, including not-for-profit organizations and business entities. However, it does not set standards for special purpose governments or federal government agencies.

The Financial Accounting Standards Board Has the Responsibility for Setting