The Body Currently Responsible for Developing Local Governmental Accounting Standards

question 58

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)Municipal Finance Officers Association (MFOA)

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Definitions:

ABC

Activity-Based Costing, a method of allocating costs to products or services based on the resources they consume.

Unused Capacity

Refers to the resources or capabilities within a business that are not currently being used to their full potential, which can lead to inefficiencies or lost income.

Activity-based System

An activity-based system is a method of assigning costs to products or services based on the activities that go into producing them, aiming to provide more accurate cost information.

Resource Drivers

Factors that determine the consumption of resources within a business or organization.