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

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.

Quizplus · Accepted Answer

The Federal Accounting Standards Advisory Board (FASAB) is responsible for establishing accounting standards for the United States federal government. Its purpose is to improve federal financial reporting through the development of accounting standards and guidance.

The Purpose of the FASAB Is to Establish Accounting Standards