The Purpose of the FASAB Is to Develop and Issue

Multiple Choice

The purpose of the FASAB is to develop and issue federal accounting standards. The Board comprises ten members. What is the makeup of the board?

A) Two from the executive branch, two from the legislative branch, two who are appointed by the AICPA and five who are not employees of the federal government.
B) Three from the executive branch, three from the legislative branch, and four who are not employees of the federal government.
C) One from the executive branch, one from the legislative branch, two who are appointed by the AICPA and six who are not employees of the federal government.
D) Two from the executive branch, two from the legislative branch, and six who are not employees of the federal government.