Which Organization Has the Authority to Establish Generally Accepted Accounting

question 62

Multiple Choice

Which organization has the authority to establish generally accepted accounting principles for state and local government entities?

• A)The National Council on Governmental Accounting
• B)The Governmental Accounting Standards Board
• C)The Financial Accounting Standards Board
• D)The Municipal Officers Finance Organization

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Definitions:

Tenancy in Common

A form of joint ownership or tenancy where each owner holds an individual, undivided interest in the property, and such interests can be of different sizes.

Joint Tenancy

A form of co-ownership of property where two or more individuals hold equal shares, and upon the death of one tenant, their share automatically passes to the surviving tenant(s).

Common Law

A system of law developed from court-made precedents rather than statutes passed by legislatures.

Ambiguous

Something that is unclear, uncertain, or capable of being understood in more than one way.