Multiple Choice
Which of the following organizations is responsible for setting accounting standards for state and local governments?
A) Government Issues Task Force (GITF)
B) Government Accounting Standards Board (GASB)
C) Securities and Exchange Commission (SEC)
D) Government Accounting Standards Advisory Council (GASAC)
Correct Answer:
Verified
Correct Answer:
Verified
Q29: What is meant by general-purpose financial statements?
Q30: Principles-based standards involve few, if any, exceptions.
Q31: Accounting standard setting began in the United
Q32: Rules-based standards result in inconsistencies between standards.
Q33: How does accounting help in the capital
Q35: The U.S. Congress has given the Securities
Q36: What is the term that describes the
Q37: Contrast the differences between rules-based standards and
Q38: IFRS refers to generally accepted accounting standards
Q39: Currently, what is the single source of