Which of the Following Is Not a Part of the FASAB

question 59

Multiple Choice

Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard?

• A) Public comment on a discussion memorandum.
• B) Issuing an exposure draft.
• C) Unanimous approval by the FASAB.
• D) Support (or lack of opposition) of the standard by the three principals (Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget).

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Definitions:

Decreased Attractiveness

A decline in the appeal or desirability of a product, service, or market opportunity, resulting in reduced interest or demand.

Labor Costs

The total expenses associated with employing staff, including wages, benefits, and taxes.

Transportation Costs

Expenses associated with moving goods from one location to another within the supply chain.

Chinese Yuan

The official currency of the People’s Republic of China, which is issued by the People's Bank of China.