The Body Currently Responsible for Developing Local Governmental Accounting Standards

question 4

Multiple Choice

The body currently responsible for developing local governmental accounting standards is the

• A) Financial Accounting Standards Board (FASB)
• B) Governmental Accounting Standards Board (GASB)
• C) National Council on Governmental Accounting (NCGA)
• D) Governmental Finance Officers Association (GFOA)

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Definitions:

Standards

Established requirements, specifications, guidelines, or characteristics to be used consistently to ensure that materials, products, processes, and services are fit for their purpose.

Product Costs

Direct costs attributable to the creation of a product, including direct labor, materials, and manufacturing overhead.

Cost Standards

Cost standards refer to pre-determined costs for products, operations, or projects, used as benchmarks for measuring actual performance or costs.

Accountants

Professionals who perform accounting, auditing, and other financial operations for businesses or individuals.