The Governmental Accounting Standards Board is the primary standard-setting body for:
A)All governments.
B)All state and local governments.
C)All governments and all not-for-profit entities.
D)All state and local governments and all not-for-profit entities.

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) is responsible for establishing accounting and financial reporting standards for state and local governments in the United States. It does not set standards for the federal government or not-for-profit entities, which have their own standard-setting bodies (the Federal Accounting Standards Advisory Board and the Financial Accounting Standards Board, respectively).

The Governmental Accounting Standards Board Is the Primary Standard-Setting Body