According to GASB Concepts Statement No

question 50

Multiple Choice

According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports?

• A) The Securities and Exchange Commission, the citizenry, and legislative and oversight bodies.
• B) The Securities and Exchange Commission, legislative and oversight bodies, and investors and creditors.
• C) The Securities and Exchange Commission, the citizenry, and investors and creditors.
• D) The citizenry, legislative and oversight bodies, and investors and creditors.
• E) The citizenry, management, and the Governmental Accounting Office.

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Definitions:

Water

A tasteless, odorless, and colorless chemical substance composed of hydrogen and oxygen, essential for most forms of life on Earth.

Chemical Energy

The potential of a chemical substance to undergo a transformation through a chemical reaction to transform other chemical substances.

Potential Energy

The energy held by an object due to its location in comparison to other objects, internal tensions, electrical charge, and various other aspects.

Physiological Processes

The functions and activities within living organisms and their parts, including biochemical, mechanical, and electrical functions that contribute to the life of an organism.