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In Your Own Words State the Primary Uses the GASB

question 59

Essay

In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments. For contrast, state the uses the FASB believes external users have for the financial reports of not-for-profit organizations.


Definitions:

Abilene

A paradox in decision-making in which a group makes a collective decision that is counter to the preferences of many or all of its members due to a failure in communication or assumption of consensus.

Un-air-conditioned Car

A vehicle lacking a system to cool and dehumidify the air inside, potentially leading to discomfort in warm weather conditions.

Risky Shift

The phenomenon where groups tend to make riskier decisions together than individuals would on their own.

Choice Dilemmas Questionnaire

A psychological assessment tool that measures an individual’s decision-making process when faced with moral dilemmas.

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