Question

Which of the following bodies has been established to recommend accounting and financial reporting standards for the federal government?

a) International Financial Reporting Standards (IFRS)
b) Financial Accounting Standards Board (FASB)
c) Governmental Accounting Standards Board (GASB)
d) Securities and Exchange Commission (SEC)

Answer 1

The Governmental Accounting Standards Board (GASB) has been established to recommend accounting and financial reporting standards for the federal government.The correct answer is option C.

Step-by-step explanation:

The correct answer is c) Governmental Accounting Standards Board (GASB). GASB is the body that has been established to recommend accounting and financial reporting standards for the federal government.

The International Financial Reporting Standards (IFRS) is a set of international accounting standards used by companies around the world.

The Financial Accounting Standards Board (FASB) is a private, non-profit organization that establishes accounting standards for companies in the United States.

The Securities and Exchange Commission (SEC) is a federal agency that regulates the investment industry and enforces securities laws in the United States.The correct answer is option C.