The FASAB has the authority to establish accounting and financial reporting standards for:
A) Federal government
B) Investor owned business
C) State and local governments
D) Public not-for-profits

Question

Quizplus · Accepted Answer

The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to develop accounting standards and financial reporting for federal entities. Therefore, FASAB has authority over accounting and financial reporting for the federal government only. It does not apply to investor-owned businesses, state and local governments, or public not-for-profits.

The FASAB Has the Authority to Establish Accounting and Financial