Certified Government Financial Manager (CGFM) Practice Exam

Question: 1 / 875

What is the role of the Federal Accounting Standards Advisory Board (FASAB)?

To prepare federal budgets

To develop accounting standards and principles

The Federal Accounting Standards Advisory Board (FASAB) is tasked specifically with the development of accounting standards and principles for federal entities. This responsibility includes creating and maintaining standards that ensure consistency, transparency, and accountability in the financial reporting of government entities. By establishing these standards, FASAB aims to improve the quality of financial information reported by federal agencies, which is critical for effective decision-making by stakeholders, including federal agencies, Congress, and the public.

Understanding the role of FASAB is essential, as the standards they develop directly impact the overall financial management and reporting practices of the federal government. This helps enhance the credibility of financial statements and provides a basis for better accountability and governance of public funds.

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To oversee federal spending audits

To advise Congress on financial regulations

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