The highest level of priority of pronouncements that a government entity should look to for accounting and reporting guidance is:
A) GASB Technical Bulletins.
B) GASB Concepts Statements.
C) AICPA Industry Accounting Guides.
D) GASB Statements.

Question

Quizplus · Accepted Answer

GASB Statements are the primary source of generally accepted accounting principles (GAAP) for state and local governments in the United States, making them the highest level of priority for accounting and reporting guidance for government entities.

The Highest Level of Priority of Pronouncements That a Government