The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for which of the following?

Multiple Choice

Governments such as federal agencies, states, cities, counties, villages, and townships.

State and local government entities and governmentally$-$related units and agencies, such as utilities, authorities, hospitals, and colleges and universities.

Not$-$for$-$profit organizations.

State and local governments and all not$-$for$-$profit organizations.