BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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General Accounting Office (GAO)
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Financial Accounting Standards Board (FASB)
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Institute of Internal Auditors
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Institute of Management Accountants
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Detailed explanation-1: -The Government Accounting Standards Board (GASB) manages those standards.
Detailed explanation-2: -Today, the Financial Accounting Standards Board (FASB), an independent authority, continually monitors and updates GAAP. All 50 state governments prepare their financial reports according to GAAP.
Detailed explanation-3: -The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).
Detailed explanation-4: -Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the U.S. must follow GAAP when their accountants compile their financial statements.