Which of the Following Organizations Is Responsible for Setting Accounting

question 34

Multiple Choice

Which of the following organizations is responsible for setting accounting standards for state and local governments?

• A) Government Issues Task Force (GITF)
• B) Government Accounting Standards Board (GASB)
• C) Securities and Exchange Commission (SEC)
• D) Government Accounting Standards Advisory Council (GASAC)

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Definitions:

Closed

In accounting, this term refers to accounts that have been concluded for a period, typically at the end of an accounting cycle, by transferring their balances to permanent accounts.

Service Revenue

Income earned by a company from the services it provides to customers, as opposed to selling goods.

Equipment

Tangible assets used in operations, such as machinery and computers, that have a useful life beyond one year.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest of shareholders or owners.