Since 2007, the State Has Dedicated Less and Less from the General

question 20

True/False

Since 2007, the state has dedicated less and less from the general fund to higher education, and has raised fees and tuition year after year.

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Definitions:

Lower-of-cost-or-market

An accounting principle that requires inventory to be recorded at the lower of its original cost or current market value, ensuring assets are not overstated on the balance sheet.

Balance Sheet

A documentation of a company’s financial position, showcasing assets, liabilities, and the equity held by shareholders at a particular instance.

Lower-of-cost-or-market

An accounting principle that valuables inventory at the lower cost between the original purchase cost and its current market price.

Conservatism

An accounting principle that requires uncertainties and risks to be accounted for by reporting lower potential profits and higher liabilities.