Which of the following bodies has been established to recommend accounting and financial reporting standards for the federal government? Multiple Choice Financial Accounting Standards Board (FASB). Governmental Accounting Standards Board (GASB). Federal Accounting Foundation (FAF). Federal Accounting Standards Advisory Board (FASAB).
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- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)11 Which of the following organizations issue standards that focus on both internal and external financial reporting? Multiple Choice Federal Accounting Standards Advisory Board. Governmental Accounting Standards Board. Financial Accounting Standards Board. American Institute of CPAs.The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments. True or False
- Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards BoardWhat objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?The body currently responsible for developing local governmental accounting standards is the a. Financial Accounting Standards Board (FASB) b. Governmental Accounting Standards Board (GASB) c. National Council on Governmental Accounting (NCGA) d. Municipal Finance Officers Association (MFOA)
- Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.Discuss the Financial Accounting Standard Board’s (FASB’s) Conceptual Framework Project; 2) Discuss the Advantages and Disadvantages of Harmonizing Accounting StandardsThe Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for which of the following? Multiple Choice O O O O Special purpose governments with a business purpose. All not-for-profit organizations. All not-for-profit organizations that are nongovernmental and business entities. All not-for-profit organizations and business entities.
- Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may be used by a state or local government instead of GASB standards, which are generally accepted accounting principles (GAAPAnswer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and accounting practices.(b) generally accepted attest principles.(c) government audit and attest policies.(d) generally accepted accounting principlesWho should set accounting standards? A government agency or private body such as the FASB?