The Governmental Accounting Standards Board Is Assigned Responsibility for Setting

question 4

Multiple Choice

The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for

• A) Governments; such as federal agencies,states,cities,counties,villages,and townships.
• B) State and local government entities and governmentally-related units and agencies,such as utilities,authorities,hospitals,and colleges and universities.
• C) Not-for-profit organizations.
• D) State and local government and all not-for-profit organizations.

---

Definitions:

Price Elasticity

A gauge for the sensitivity of the amount of a good that is demanded or offered to alterations in its pricing.

Quantity Supplied

The amount of a particular product that a firm would be willing and able to offer for sale at a particular price during a given time period.

Elasticity of Labor Supply

A measure of the response of labor supplied to a change in the price of labor.

Wages

Payments made to employees by employers, typically based on the number of hours worked or a fixed amount for a certain job.