The Governmental Accounting Standards Board establishes generally accepted accounting principles for all state and local government entities, as well as all not-for-profit entities.

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) establishes accounting principles for state and local governments, but not for not-for-profit entities, which are governed by the Financial Accounting Standards Board (FASB).

The Governmental Accounting Standards Board Establishes Generally Accepted Accounting Principles