Which of the Following Is Not One of the Criteria

question 3

Multiple Choice

Which of the following is not one of the criteria for an allowable cost under a federal grant?

• A) A cost that is necessary and reasonable for the performance of the federal award and allocable thereto under the OMB cost principles.
• B) A cost that conforms to any limitations or exclusions set forth in the OMB cost principles or in the federal award as to types or amount of cost items.
• C) A cost that has been approved by the FASB or GASB as an allowable cost.
• D) A cost that is adequately documented.

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Definitions:

Least Costly

Referring to the method or option that incurs the lowest possible expense or expenditure while achieving the desired outcome or objective.

Total Allowable Catch

Refers to the maximum quantity of a particular fish species that can be caught over a specified period, used in fisheries management to sustain fish populations.

Economic Efficiency

Economic efficiency occurs when a system is able to maximize output with given resources and technology, minimizing waste and inefficiencies.

Individual Transferable Quotas

Regulatory tools in environmental management, granting individuals or companies the right to catch a certain amount of fish or pollute up to a certain limit, which can be traded.