Under GASB Standards, the Financial Statements That Report on Business-Type

question 53

True/False

Under GASB standards, the financial statements that report on business-type activities at the government-wide level include the statement of net position, statement of activities, and statement of cash flows.

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Definitions:

Age Of Majority

The age at which an individual is considered legally capable of conducting himself or herself responsibly and is entitled to vote. In contract law, the age at which one is no longer an infant and can no longer disaffirm a contract.

Legally Binding

an agreement or contract that is enforceable by law, obligating parties to fulfill their contractual duties.

Unconscionable

Actions or terms that are excessively unfair or oppressive and not guided by conscience.

Competing In Business

The act of engaging in efforts to win over customers, achieve superior market position, or attain higher sales in a particular marketplace against other businesses.