The ________ Sets Accounting Standards Used in Government Accounting

question 152

Multiple Choice

The ________ sets accounting standards used in government accounting.

• A) Federal Accounting Review Board
• B) Governmental Accounting Standards Board
• C) Academy of Public Sector Accountants
• D) Federal Reserve Board

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Definitions:

Unemployment Taxes

Unemployment taxes are taxes paid by employers to fund the unemployment insurance system, providing benefits to workers who have lost their jobs.

FICA-OASDI

Federal Insurance Contributions Act - Old-Age, Survivors, and Disability Insurance; a payroll tax that funds Social Security and Medicare in the United States.

Workers' Compensation

Insurance offering medical benefits and wage replacement to employees who become injured while on the job.

Clerical Support

Administrative assistance typically involving office or paper work.