The primary standards-setting body for a public museum that receives the majority of its funding from local property taxes is

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) is responsible for setting standards for financial reporting by governmental entities, including public museums that receive funding from local property taxes. The GASB is the appropriate standards-setting body for ensuring that these museums comply with generally accepted accounting principles (GAAP). The American Institute of CPAs (AICPA) and Financial Accounting Standards Board (FASB) mainly focus on private sector accounting standards, while the Government Accountability Office (GAO) provides auditing and oversight of government agencies but does not set accounting standards.

The Primary Standards-Setting Body for a Public Museum That Receives