Presenting Consolidated Statements Instead of Individual Financial Statements Is a Change

question 72

True/False

Presenting consolidated statements instead of individual financial statements is a change in a reporting entity.

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Definitions:

Assigned Fund Balance

Part of a governmental entity's fund balance that is earmarked for a specific use but can be changed by the entity's management.

Private Purpose Trust Fund

A type of trust fund in the public sector meant to benefit specific individuals, private organizations, or other governments.

Permanent Fund

A fund established to generate income for an organization without spending the principal amount, often used by nonprofit entities and governments.

Disabled Children

Individuals under the age of 18 who have physical or mental impairments that substantially limit one or more major life activities.