State and Local Governments Should Prepare Only Those Financial Reports

question 43

True/False

State and local governments should prepare only those financial reports required by law-generally year-end financial statements.

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Definitions:

Contingency

A statement or proposition that is neither necessarily true nor necessarily false, depending on some variables or conditions.

Biconditional Statement

A statement that is true only if both components are simultaneously true or false.

Consistent

In logic and mathematics, a set of statements or propositions is consistent if they do not lead to a contradiction, meaning they can all be true at the same time.

Contingency

An impending event or circumstance with potentiality but lacks predictability with surety.