Question

The purpose of the FASAB is to: (A) Establish accounting standards for not-for-profit entities.(B) Establish accounting standards for Federal Government.(C) Establish accounting standards for all governmental entities.(D) Establish accounting standards for non-federal governmental entities.

Answer 1

Answer:

The correct answer is B.

Explanation:

The FASAB (Federal Accounting Standard Advisory Board) is a commitee that develops accounting standards for U.S government agencies, not for not profit entities, for all governmental entities or non-federal governmental entities.