Generally Accepted Government Auditing Standards (GAGAS) Are Established by

question 43

Multiple Choice

Generally accepted government auditing standards (GAGAS) are established by

• A) The GASB.
• B) The Comptroller General.
• C) The AICPA.
• D) The FASB.

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Definitions:

Cash

A form of currency that includes coins and paper notes, which is used by individuals and companies to conduct transactions.

Fair Value

The funds received for unloading an asset or disbursed for handling a liability in a structured marketplace encounter on the date of valuation.

Consolidated Balance

The combined balance sheets of a parent company and its subsidiaries, providing a complete picture of the financial condition of the entire group.

Common Stock

A type of equity security that represents ownership in a corporation, with holders usually having voting rights to elect the board members.