The GASB Has the Authority to Establish Accounting and Financial

question 96

Multiple Choice

The GASB has the authority to establish accounting and financial reporting standards for:

• A) State governments
• B) Private not-for-profits
• C) Federal government
• D) None of the above

---

Definitions:

Peacekeeping

Activities and operations undertaken by a military or civilian force to maintain or restore peace in areas of conflict.

Executive Orders

Orders given by the U.S. President to oversee the functioning of the federal government.

Law-Making Powers

The authority granted to legislative bodies to enact, amend, or repeal laws.

Common Law

A body of unwritten laws based on legal precedents established by the courts, contrasting with statutory law.