Which of the Following Organizations Has Authority to Establish Accounting

question 140

Multiple Choice

Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?

• A) Federal Accounting Standards Advisory Board.
• B) Office of Management and Budget.
• C) Governmental Accounting Standards Board.
• D) None of the above; no one has been granted authority to set standards for the federal government

---

Definitions:

Breach of Contract

A violation of any of the agreed-upon terms and conditions of a contract without a lawful excuse.

Model-T Ford

The first mass-produced automobile by Ford Motor Company, famously affordable and accessible to the general public.

Contract Frustration

A legal concept where a contract becomes impossible to fulfill due to unforeseen events, relieving the parties of their duties.

Contractual Obligation

A duty, promise, or performance that is legally binding under a contract.