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General Accounting Discussions: Help with practice question

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    Any help would be MUCH appreciated -

    What best describes the relationship of the FASB and GASB?

    a. They are co-equal bodies with different areas of responsibility for standards setting.
    b. The FASB standards are authoritative for governments. However, the FASB asks the GASB to establish guidelines for many unique transactions of government that the FASB does not have time to consider.
    c. GASB standards are authoritative for governments unless they have been overruled by the FASB.
    d. Governments are not permitted to apply any FASB standard under any circumstances for any government operations.

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