Federal and State Regulation 3.1.4/3.1.5

GAAP for governmental organizations is overseen by the _____.

• Governmental Accounting Standards Board

• Governmental Accounting Security Board

• Governmental Accounting Standards Group

• Governmental Accounting Policies Board

The SEC made the _____ the standard-setter for public company financial reporting.

• GAO

• FASB

• PCAOB

• GAAS

Which organization oversees GAAP for governmental organizations?

• SEC

• FASB

• GASB

• FDIC

All state governments follow _____.

• FASB rules

• GASB

• SEC rules

• GAAP

Which of the following is true of each state?

• Each state licenses certified public accountants.

• Each state has its own version of GAAP.

• Each state audits publicly held companies.

• Each state must require all districts to follow GAAP.

Which of the following accurately describes accounting rules for school districts?

• All states require school districts to follow GAAP.

• Many states require some or all school districts to follow GAAP.

• No states require school districts to follow GAAP.

• Only three states require some or all school districts to follow GAAP.

Which set of regulations is incorporated into federal SEC requirements?

• FDA

• FASB

• GAAP

• GASB

A person who is following GAAS standards is most likely a(n) _____.

• assessor

• CPA

• lawyer

• auditor

Why is important for public corporations to comply with audits?

• to protect investors and the public

• to avoid unnecessary expenditures

• to protect employees from possible law suits

• to ensure compliance with labor laws

Which of the following would be regulated by the GAO?

• a "mom and pop" restaurant

• the state of Nevada

• a non-profit charity

• a large public corporation