Question

The Governmental Accounting Standards Board is the primary standard-setting body for:

A) All governments.
B) All state and local governments.
C) All governments and all not-for-profit entities.
D) All state and local governments and all not-for-profit entities.

Answer 1

Answer: The correct answer is : B) All state and local governments.

Explanation: The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, whether general or special purpose. The Financial Accounting Foundation oversees both GASB and appoints members to serve and supports the board's operations.