Can someone help me with my accounting hw? I dont know what does means, pls do it in your own words! In 2 sentences by each question.

1. What does FASB stand for when was it established? 2. What does GASB stand for and when was it established? 3. The accounting standards known collectively as GAAP, that determine how financial statements are prepared, are established by what three boards? 4. Tell me one reason why a privately held company would choose to use a GAAP basic of accounting? Please limit your answer to one or two sentences