According to the GASB, Control of an Asset Means the Government

question 37

True/False

According to the GASB, control of an asset means the government must have the asset in its possession.

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Definitions:

Investment Account

A financial account held at a financial institution or brokerage that is used to hold securities, stocks, bonds, mutual funds, and other investments.

Equity Method

An accounting technique used for recording investments in associated companies, where the investment's carrying value is adjusted to recognize the investor's share of the earnigns or losses of the investee.

Dividends Received

Payments made to shareholders out of a corporation's earnings, representing a share of the profits.

Unrealized Gains

Increases in the value of an asset that has not been sold, and thus the gain has not been "realized" through a transaction.