Question

The Governmental Accounting Standards Board (GASB) is assigned responsibility for setting accounting and financial reporting standards for which of the following?

a) Publicly traded companies
b) Nonprofit organizations
c) Governmental entities
d) Private corporations

Answer 1

The Governmental Accounting Standards Board (GASB) sets accounting and financial reporting standards for governmental entities.

Step-by-step explanation:

The Governmental Accounting Standards Board (GASB) is responsible for setting accounting and financial reporting standards for governmental entities. It does not set standards for publicly traded companies, nonprofit organizations, or private corporations.