An Example of an Economic Event Is Checking Customer Credit

question 55

True/False

An example of an economic event is checking customer credit prior to processing a sale.

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Definitions:

Pension Trust Fund

A fund established by an employer to invest and manage the assets set aside for future pension payments to retirees.

Fiduciary Fund

A fund used by a government to account for assets held in a trustee or agency capacity for individuals, private organizations, or other governments.

GASB Concepts Statement No. 1

A document issued by the Governmental Accounting Standards Board outlining objectives and concepts that guide the development of accounting and financial reporting standards for state and local governments.

Primary Users

The main audience or recipients of financial reports, typically considered to be existing and potential investors, lenders, and other creditors.