Prior to the Creation of the Governmental Accounting Standards Board

question 15

Multiple Choice

Prior to the creation of the Governmental Accounting Standards Board in 1984, which of the following organizations had the greatest influence over accounting concepts, principles, and standards for the state and local governments?

• A) The National Council on Governmental Accounting NCGA
• B) The National Association of College and University Business Officers NACUBO.
• C) The American Institute of Certified Public Accountants AICPA.
• D) The Comptroller General of the United States.

---

Definitions:

Consumption Proportions

This term refers to the ratio in which different goods or services are consumed by individuals or within an economy.

Price Change

A fluctuation in the market price of a good or service over a specific period.

Initial Endowment

The initial allocation of goods, resources, or money which an individual or entity possesses at the start of a consideration period.

Weak Axiom

A principle in consumer theory that, if a consumer chooses bundle A over bundle B when both are affordable, they will not choose B over A if A's price decreases and B's price stays the same or increases.