Which organization has the authority to establish generally accepted accounting principles for state and local government entities?
A)The National Council on Governmental Accounting
B)The Governmental Accounting Standards Board
C)The Financial Accounting Standards Board
D)The Municipal Officers Finance Organization

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) has the authority to establish generally accepted accounting principles for state and local government entities. The National Council on Governmental Accounting (NCGA) is a predecessor organization to GASB, and the Financial Accounting Standards Board (FASB) establishes generally accepted accounting principles for the private sector. The Municipal Officers Finance Organization is not a recognized accounting standards-setting organization.

Which Organization Has the Authority to Establish Generally Accepted Accounting