The body that has been established to recommend accounting and financial reporting standards for the federal government is the
A)Financial Accounting Standards Board (FASB).
B)Governmental Accounting Standards Board (GASB).
C)Cost Accounting Standards Board (CASB).
D)Federal Accounting Standards Advisory Board (FASAB).

Question

Quizplus · Accepted Answer

The Federal Accounting Standards Advisory Board (FASAB) is the body that has been established to recommend accounting and financial reporting standards for the federal government. The Governmental Accounting Standards Board (GASB) also sets accounting and financial reporting standards, but only for state and local governments. The Financial Accounting Standards Board (FASB) sets accounting standards for private sector organizations, while the Cost Accounting Standards Board (CASB) sets cost accounting standards for government contractors.

The Body That Has Been Established to Recommend Accounting and Financial