The Fourteen IASB Representatives Formulate the International Reporting Standards

question 51

True/False

The fourteen IASB representatives formulate the international reporting standards.For a standard to be approved, 85 percent of the board members must agree.

---

Definitions:

Output

Refers to the amount of product or service produced within a given period by a firm, industry, or country.

Fixed Costs

Expenses that do not change with the level of production or business activity, such as rent, salaries, and utility charges.

Marginal Cost

The charge for the production of one additional unit of a product or service.

Average Total Cost

The aggregate expense of manufacturing, including both fixed and variable costs, divided by the total number of units produced.