The FASB Requires Which of the Following to Be Used

question 150

Multiple Choice

The FASB requires which of the following to be used in preparation of external financial statements?

• A)variable costing
• B)standard costing
• C)activity-based costing
• D)absorption costing

---

Definitions:

Spatial Relationships

Understanding how objects or shapes are positioned in space relative to each other.

Trial-And-Error Strategies

Problem-solving methods that involve experimenting with various actions until finding a solution or an effective way to achieve a desired outcome.

Formal Operational Thought

A stage in Piaget's theory of cognitive development, usually beginning around age 12, where individuals develop the ability to think abstractly, logically, and systematically.

Think in Possibilities

The approach of considering various potential outcomes or solutions when faced with a situation or problem.