The Group with Primary Responsibility for Development of a Single

question 28

Multiple Choice

The group with primary responsibility for development of a single set of accounting standards around the world is the

• A)FASB.
• B)SEC.
• C)IFRS.
• D)IASB.

---

Definitions:

Sunk Costs

Sunk costs are past expenditures that have already been incurred and cannot be recovered, and thus should not impact future decision-making.

Past Costs

Refers to expenses that have already occurred and cannot be recovered.

Marginal Costs

The supplementary cost that comes with producing an extra unit of a good or service.

Mass Affordability

The widespread ability of the average consumer to purchase goods and services, often due to lower prices or increased income levels.