Which Entity Establishes Financial Accounting Standards and Principles for the Federal

question 7

Multiple Choice

Which entity establishes financial accounting standards and principles for the federal government?

• A)FASB
• B)GASB
• C)FASAB
• D)None of the above.

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Definitions:

Oral Tradition

The practice of passing down stories, histories, proverbs, and other cultural knowledge through word of mouth from one generation to another.

Authoritarian Role

A leadership or governing style characterized by strict obedience to authority, often at the expense of personal freedom.

Dominant Culture

The culture of the most powerful group in society, which often sets norms and standards that others may aspire to or be judged by.

Identity

The qualities, beliefs, personality, looks, and expressions that make a person or group distinct from others.