GASB and FASB Standards Are Concerned Only with External Financial

question 19

Essay

GASB and FASB standards are concerned only with external financial reporting; whereas, FASAB standards are concerned with both internal and external financial reporting. Do you agree with this statement? Why or why not?

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Definitions:

Sight vocabulary

Sight vocabulary refers to the words a person can recognize immediately without needing to decode them.

Sensory memory

The shortest-term element of memory, allowing individuals to retain impressions of sensory information after the original stimuli have ended.

Associative memory

The ability of the brain to link new information with existing knowledge, facilitating recall and understanding.

Prospective memory

Remembering to perform a planned action or recall a planned intention at some future point in time.