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    Business
  3. Study Set
    Accounting for Governmental
  4. Exam
    Exam 1: Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities
  5. Question
    GASB and FASB Standards Are Concerned Only with External Financial
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GASB and FASB Standards Are Concerned Only with External Financial

Question 19

Question 19

Essay

GASB and FASB standards are concerned only with external financial reporting; whereas, FASAB standards are concerned with both internal and external financial reporting. Do you agree with this statement? Why or why not?

Correct Answer:

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Agree. Both the Governmental Accounting ...

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