25.The Governmental Accounting Standards Board is the primary standard-setting body for:a)All governments.b)All state and local
governments.c)All governments and all not-for-profit entities.d)All state and local governments and all not-for-profit entities. 26.Under certain circumstances a governmental entity might use standards established by
whichof the following standard-setting bodies? Get answer to your question and much more We have textbook solutions for you!The document you are viewing contains questions related to this textbook. South-Western Federal Taxation 2020: Individual Income Taxes Young/Nellen/Hoffman Expert Verified 27.The primary standard-setting body for accounting and financial reporting by a state-supported college or university is: Get answer to your question and
much more 28.In descending order, the hierarchy of GAAP applicable to a church-owned college may be: Get answer to your question and much more 29.Which of the following entities was a principal in creating the FASAB?a)U.S.
Congress.b)Office of Management and Budget.c)Governmental Accounting Standards Board.d)Securities and Exchange Commission. 30.The purpose of the FASAB is to: Get answer to your question and much more ANSWERS TO TRUE/FALSE QUESTIONS (CHAPTER 1) Get answer to your question and much more
ANSWERS TO MULTIPLE CHOICE (CHAPTER 1)1. B2. B3. D4. C5. A6. D7. C8.
C9. C10. D11. D12. C13. D14. D15. D16. A17. D18. B19.
A20. B21. C22. B23. C24. D25. B26. D27. A28. A29. B30.
BPage 7 Chapter
2Fund AccountingTRUE/FALSE (CHAPTER 2)1.T Fund accounting promotes control and accountability over restricted resources.2.T The basis of accounting determines when transactions and events are recognized.
Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document International Accounting Standards means International Accounting
Standards (IAS), International Financial Reporting Standards (IFRS) and related Interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, and future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB); Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or
standards as may apply to the Company’s financial statements under United States federal securities laws from time to time. Accounting Standards means the standards of accounting or any addendum thereto
for companies or class of companies referred to in section 133; International Financial Reporting Standards means that set of
accounting standards established and issued by the International Accounting Standards Board, as amended from time to time. Practice of public accounting means the performance or
the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. However, with respect to
licensed public accountants, the “practice of public accounting” shall not include attest or auditing services or the rendering of an opinion attesting to the reliability of any representation embracing financial information. Actuarial Standards Board means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice. Common Reporting Standard means the standard for automatic exchange of financial account information developed by the Organisation for Economic Co- Operation and Development as amended from time to time by
theOrganisation for Economic Co-operation and Development, set out in Schedule 1; Agreement Accounting Principles means generally accepted accounting principles as in
effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4. Specified public utility means an electrical
corporation, gas corporation, or telephone corporation, as those terms are defined in Section 54-2-1. Independent Certified Public Accountant means
a person duly registered in good standing and entitled to practice as a certified public accountant under the laws of the place of his residence or principal office and who is in fact independent. In determining whether an accountant is independent with respect to a particular person, appropriate consideration should be given to all relationships between the accountant and that person or any affiliate thereof. Determination of an accountant’s independence shall not be confined to the
relationships existing in connection with the filing of reports with the awarding authority. Applicable Accounting Principles means the most recent and up-to-date US
GAAP applicable at any relevant time; Accounting Principles means the international financial reporting standards (IFRS) within the meaning of Regulation 1606/2002/EC (or as otherwise adopted or
amended from time to time). Railway Group Standards means standards authorised pursuant to
What does the Governmental Accounting Standards Board do?
Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
What is the primary accounting standard setting?
The primary accounting standard-setting body in the United States is the Financial Accounting Standards Board (FASB).
What is the role of the GASB in setting accounting standards?
Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
What is the accounting standards setting body for federal government entities?
These SFFASs are the body of standards that are the federal generally accepted accounting principles (GAAP), or Federal GAAP. Accountants' (AICPA) Council designated the FASAB as the accounting standards-setting body for federal government entities under Rule 203 of the AICPA's Code of Professional Conduct.
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