7. 8. Which statement best describes the foundation for most governmental accounting requirements? O Cash accounting, without accrual recognition because of the fiscal year appropriations. o Only accrual accounting, identical to the FASB requirements is permitted. O A combination of accrual and modified-accrual accounting is required depending on the application. What institution is primarily responsible for establishing governmental accounting standards? O FASB O GASB O SEC A governmental fund that has a defined period of accounting and recognizes purchase commitments, uses what accounting basis? O Cash accounting O Accrual accounting o Modified accrual accounting 9