Valuation Is a Relevant Assertion When Auditing Premiums or Discounts

question 30

True/False

Valuation is a relevant assertion when auditing premiums or discounts on bonds.

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Definitions:

Block Grants

Financial assistance provided by the federal government to state or local governments for broad purposes, with relatively few restrictions on how the funds may be spent.

Categorical Grants

Funding from the federal government to state or local governments for specific purposes and subject to detailed conditions.

New Federalism

A political philosophy of devolution, or the transfer of certain powers from the United States federal government back to the states, initiated in the 1970s.

Unfunded Mandates

Legal requirements or conditions for federal programs that are imposed by Congress on state and local governments without providing federal funding to cover the costs.