Generally accepted accounting principles applicable to state and local governments require that
A)Only governmental funds and proprietary funds should be provided.
B)Only those funds required by law,GASB standards,and sound financial administration should be provided.
C)Only those funds required by law should be provided.
D)All categories of funds must be provided.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles applicable to state and local governments require that only those funds required by law, GASB standards, and sound financial administration should be provided. This means that not all categories of funds must be provided but rather only those that are necessary and mandated by law or accounting standards.

Generally Accepted Accounting Principles Applicable to State and Local Governments