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

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

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

Which is a purpose of the Conceptual Framework?Group of answer choicesTo assist all parties to understand and interpret the StandardsTo assist the IASB to develop IFRS based on consistent conceptsTo assist preparers to develop consistent accounting policy when no Standard applies to a particular transaction or when Standard allows a choice of accounting policyAll of these can be considered a purpsoe

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

A conceptual framework consists of a set of principles with the purpose to:Question 2Select one:a.all of the options are correct.b.assist users in the interpretation of information in financial statements.c.assist preparers of financial statements in the application of accounting standards and in dealing with topics that are not the subject of existing accounting standards.d.assist standard setters to develop accounting standards.Clear my choice