Which of the Following Organizations Is Responsible for Setting Accounting

question 34

Multiple Choice

Which of the following organizations is responsible for setting accounting standards for state and local governments?

• A) Government Issues Task Force (GITF)
• B) Government Accounting Standards Board (GASB)
• C) Securities and Exchange Commission (SEC)
• D) Government Accounting Standards Advisory Council (GASAC)

---

Definitions:

Opportunity Cost

The cost of what is foregone in order to pursue a certain action or decision.

Bowed-out

A term often used to describe a production possibility frontier that is concave from the origin, indicating increasing opportunity costs as more of one good is produced.

Adaptability

Adaptability is the ability to adjust readily to different conditions, environments, or situations, often considered a crucial skill in both personal and professional contexts.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.), assuming all resources are fully utilized.