The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for:
A) All governmental units and agencies
B) Federal, state and local governments
C) All governmental units and all not-for-profit organizations
D) State and local governmental entities and governmentally-owned utilities, authorities, hospitals and colleges and universities

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board is responsible for establishing accounting and financial reporting standards for state and local governmental entities as well as governmentally-owned utilities, authorities, hospitals, and colleges and universities. Therefore, choice D is the best answer.

The Governmental Accounting Standards Board Has Been Given Authority to Establish