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:

Actual Events

Factual occurrences or happenings in reality, as opposed to perceived or interpreted events.

Perspective-taking

The social cognitive skill of understanding another person's thoughts, feelings, and point of view.

Lemonade

A sweetened beverage commonly made from lemon juice, water, and sugar.

Postconventional Moral Reasoning

The stage in Kohlberg's theory of moral development where individuals make moral judgments based on universal principles of justice, liberty, and the welfare of all.