Neither the GASB not the FASB set standards for budgetary accounting.

Question

Quizplus · Accepted Answer

The GASB (Governmental Accounting Standards Board) and the FASB (Financial Accounting Standards Board) do not set standards for budgetary accounting. Budgetary accounting is the process of recording, tracking, and monitoring the financial resources allocated and spent in accordance with a budget. Budgetary accounting standards are set by the entities responsible for preparing and implementing budgets, such as governments, non-profit organizations, and businesses.

Neither the GASB Not the FASB Set Standards for Budgetary