The purpose of the FASAB is to establish accounting standards for
A)Not-for-profit entities.
B)Federal government.
C)All governments.
D)Non-federal governments.

Question

Quizplus · Accepted Answer

The Federal Accounting Standards Advisory Board (FASAB) is responsible for establishing accounting standards for the federal government. Therefore, choice B is the best choice. Choices A, C, and D are incorrect as they do not accurately represent the purpose of the FASAB.

The Purpose of the FASAB Is to Establish Accounting Standards