Question

For each of the following entities, identify if the entity would be governed by GASB standards by selecting a "G", FASB standards by selecting an "F", or FASAB standards by selecting an "FB". (Hint: Search the website of the entity listed if you are unsure.)
1. Your university
2. Department of Defense
3. American Institute of Certified Public Accountants
4. The county in which you live
5. Internal Revenue Service
6. Mayo Clinic
7. New York City
8. American Cancer Society
9. Metropolitan Washington Airports Authority (operates the Washingtorn, DC, airports)
10.The Metropolitan Museum of Art, New York City

Answer 1

Answer:

1. Your university: F

2. Department of Defense: FB

3. American Institute of Certified Public Accountants: F

4. The county in which you live: G

5. Internal Revenue Service: FB

6. Mayo Clinic: F

7. New York City: G

8. American Cancer Society: F

9. Metropolitan Washington Airports Authority (operates the Washingtorn, DC, airports): G

10.The Metropolitan Museum of Art, New York City: F

Explanation:

GASB is an acronym for Government Accounting Standards Board (GASB) and it's mainly a private, non-governmental organization (NGO) that is saddled with the responsibility of developing and creating reporting standards used in accounting such as the Generally Accepted Accounting Principles (GAAP) for local and state government in the United States of America since 1984.

FASB is an acronym for Financial Accounting Standards Board (FASB) and it's an autonomous non-profit agency which through the use of Generally Accepted Accounting Principles (GAAP), is saddled with the responsibility of establishing and maintaining accounting and financial reporting standards for all firms, business enterprises, and as well as nonprofit organizations doing business in the United States of America. It has its headquarter in Norwalk, Connecticut, United States and was founded in 1973.

FASAB is an acronym for Federal Accounting Standards Board (FASAB) and it's a federal advisory committee which is solely responsible for the development of accounting standards for government agencies in the United States of America. It also is responsible for setting the Generally Accepted Accounting Principles (GAAP).

It has its headquarter in Washington DC and was founded in October 1990.