Question

Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting

Standards Advisory Board.
A. True.
B. False.

Answer 1

The statement that the Federal Accounting Standards Advisory Board is primarily responsible for setting accounting and reporting standards for federal agencies is true.

Step-by-step explanation:

Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board (FASAB). This statement is True. The FASAB is recognized by the American Institute of Certified Public Accountants (AICPA) as the body that sets accounting standards for federal entities in the United States. Its standards are intended to support the financial information needs of Congress, executive branch agencies, and other users of federal financial information. The statement that the Federal Accounting Standards Advisory Board is primarily responsible for setting accounting and reporting standards for federal agencies is true.