The GASB is tasked with the development of accounting and financial reporting standards for state and local governments.Select one:TrueFalse

The answer that best describes the purpose and characteristics of the conceptual framework used by GASB for state and local governments is*1 pointTo help preparers of financial reports determine the appropriate method to use to communicate an itemTo help the GASB develop standardsTo help the GASB develop standards, and in the absence of authoritative guidance, to help preparers of financial reports determine the appropriate method to use to communicate an itemTo help in the absence of authoritative guidance

Year when the Governmental Accounting Standards Board (GASB) was organized?Select one:a.1994b.1985c.1983d.1984

It is the most comprehensive topic on the GASB's original agenda.Select one:a.developing financial reporting objectivesb.conducting a complete review of the financial reporting modelc.financial reporting projectd.reexamining the financial reporting entity

It was organized to establish and improve financial reporting standards for state and local governments.Select one:a.AICPAb.NCGAc.GASBd.RSI

Year when the Governmental Accounting Standards Board (GASB) announced plans to make basic changes in the reporting model.Select one:a.1997b.1998c.1984d.1986