GFOA CPFO Exam - Topic 11 Question 73 Discussion

Actual exam question for GFOA's CPFO exam

Question #: 73
Topic #: 11

[All CPFO Questions]

FASB (Financial Accounting Standards Board) is a ____________ organization and controlled and supported by a ______________, Financial Accounting Foundation.

AGovernmental Organization, Non-Profit Organization.

BPrivate Organization, Non-Profit Organization.

CNon-Profit Organization, Governmental Organization.

DSemi- governmental Organization, Private Organization

Show Suggested Answer

Suggested Answer: A

by Angella at Aug 08, 2023, 08:08 PM

Limited Time Offer

25%

Off

Get Premium CPFO Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Nickie

5 months ago

Not sure about that, seems a bit confusing.

upvoted 0 times

...

Christa

5 months ago

Non-profit all the way!

upvoted 0 times

...

Lisha

5 months ago

Wait, I thought it was a governmental organization?

upvoted 0 times

...

Luke

5 months ago

I agree, it's supported by the Financial Accounting Foundation.

upvoted 0 times

...

Kenneth

6 months ago

FASB is definitely a private organization.

upvoted 0 times

...

Geoffrey

6 months ago

I thought FASB was a governmental organization, but now I’m questioning that. Maybe it’s private?

upvoted 0 times

...

Kara

6 months ago

I feel like I’ve seen a question like this before, but I can’t recall if it was about FASB or another accounting body.

upvoted 0 times

...

Paris

6 months ago

I remember studying that FASB is supported by the Financial Accounting Foundation, which is a non-profit, so I’m leaning towards option B.

upvoted 0 times

...

Lashawnda

6 months ago

I think FASB is a private organization, but I'm not entirely sure about the non-profit part.

upvoted 0 times

...

Kristin

6 months ago

This looks like a tricky question. I'll need to carefully analyze the skill gaps and team member capabilities to determine the best option.

upvoted 0 times

...

Tiffiny

6 months ago

I'm a bit confused by the wording of the question. Let me re-read it and the options to make sure I understand.

upvoted 0 times

...

Roy

6 months ago

I think we need to reduce both couplings, but I'm not entirely sure that's the right option. It feels familiar, though.

upvoted 0 times

...

Jose

6 months ago

Hmm, I'm not sure about this one. The options don't seem to clearly match the question. I'll have to read it over a few times.

upvoted 0 times

...

Jin

7 months ago

Technical, administrative, and physical - those are the main access control types, right? I'm pretty sure those are the right answers here.

upvoted 0 times

...

Yan

11 months ago

Okay, gotta think this through step-by-step. Private, non-profit organization controlled by a foundation - that's option B, got it.

upvoted 0 times

...

Glenna

11 months ago

Hah, if the FASB was a governmental organization, they'd probably make even more confusing accounting standards than they already do!

upvoted 0 times

Leandro

10 months ago

C) Non-Profit Organization, Governmental Organization.

upvoted 0 times

...

Gretchen

10 months ago

Hah, if the FASB was a governmental organization, they'd probably make even more confusing accounting standards than they already do!

upvoted 0 times

...

Stevie

10 months ago

B) Private Organization, Non-Profit Organization.

upvoted 0 times

...

Mary

10 months ago

A) Governmental Organization, Non-Profit Organization.

upvoted 0 times

...

Letha

11 months ago

Wait, I thought the FASB was a government organization. This is trickier than I expected.

upvoted 0 times

Yolande

10 months ago

C) Non-Profit Organization, Governmental Organization.

upvoted 0 times

...

Elbert

10 months ago

B) Private Organization, Non-Profit Organization.

upvoted 0 times

...

Alaine

10 months ago

A) Governmental Organization, Non-Profit Organization.

upvoted 0 times

...

Noemi

11 months ago

The FASB being a private, non-profit organization controlled by the Financial Accounting Foundation makes a lot of sense. That's definitely the correct answer.

upvoted 0 times