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

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Definitions:

Direct Labor-Hours

A measure of the amount of time spent by workers directly involved in the manufacturing process, used in calculating labor costs and efficiency.

Journal Entry

A record in the accounts of a business, documenting a financial transaction with both debit and credit parts.

Direct Labor Costs

Expenses associated directly with the manufacturing of a product, including wages of workers actually making the product.

Indirect Labor Costs

Costs associated with employees who do not directly work on the product but are necessary for the manufacturing process.