Identify the Standard Setting Body for Private Not-For-Profit Organizations and the Basis

question 160

Multiple Choice

Identify the standard setting body for private not-for-profit organizations and the basis of accounting that should be used.

• A) GASB & Accrual.
• B) GASB & Modified Accrual.
• C) FASB & Modified Accrual.
• D) FASB & Accrual.

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Definitions:

Generic Strategies Model

The Generic Strategies Model is a framework developed by Michael Porter that outlines three strategies organizations can use to achieve competitive advantage: cost leadership, differentiation, and focus.

Focused Cost Leadership

A strategic approach where a company aims to be the lowest-cost producer in a particular niche or segment, offering prices lower than competitors while targeting specific customer groups.

Differentiation

In business, the process of making a product or service distinct from competitors in the market, often by emphasizing unique features or benefits.

BCG Matrix

A strategic business tool designed by the Boston Consulting Group to help organizations analyze their product lines or business units for decision-making purposes.