Chapter 3 - Employer Handbook Flashcards
1
Q
What is the GASB
A
The Governmental Accounting Standards Board is the independent, private-sector organization based in Norwalk, CT. The GASB establishes accounting and financial reporting standards for US state and local governments that follow GAAP.
2
Q
What is GAAP
A
Generally Accepted Accounting Principles.
3
Q
The GASB standards are recognized as whom?
A
State and local governments, State Boards of Accountancy, and AICPA.
4
Q
What is AICPA?
A
American Institute of CPAs.
5
Q
What is a Status Code?
A
Status Codes determine the service credit and retirement benefit a member is entitled to.
