At First Glance, the Government-Wide Statement of Activities Bears Little

question 59

True/False

At first glance, the government-wide statement of activities bears little resemblance to the income statement of a business.

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Definitions:

Common Stock

A type of ownership in a corporation that entitles shareholders to vote on corporate matters and receive a share of the company's profits through dividends.

Fair Value

A measure of the price at which an asset would change hands between willing parties, neither being under compulsion to buy or sell.

Par Value

The face value of a bond or the stock value stated in the corporate charter, which often bears no relation to its market value.