The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for:
A) all governmental units and agencies.
B) federal, state, and local governments and governmentally related utilities, authorities, hospitals, and colleges and universities..
C) state and local governmental entities, and governmentally related utilities, authorities, hospitals, and colleges and universities.
D) all governmental units and all not-for-profit organizations.

Question

Quizplus · Accepted Answer

The GASB sets accounting and financial reporting standards for state and local governments in the U.S., governmentally related not-for-profit organizations, such as colleges and universities, health care entities, museums, libraries, and performing arts organizations that are owned or controlled by governments.

The Governmental Accounting Standards Board Has Been Given Authority to Establish