The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for
A. Not-for-profit organizations.
B. State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities.
C. State and local governments and all not-for-profit organizations.
D. Governments such as federal agencies, states, cities, counties, villages, and townships.
Answer: B
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