The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for
A) Governments such as federal agencies, states, cities, counties, villages, and townships.
B) State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities.
C) Not-for-profit organizations.
D) State and local governments and all not-for-profit organizations.

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) is responsible for setting accounting and financial reporting standards for state and local government entities, as well as governmentally-related units and agencies such as utilities, authorities, hospitals, and colleges and universities. GASB does not set standards for federal agencies or not-for-profit organizations.

The Governmental Accounting Standards Board Is Assigned Responsibility for Setting