Explain Why Special Purpose Frameworks (Also Known as Other Comprehensive

question 13

Essay

Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may be used by a state or local government instead of GASB standards, which are generally accepted accounting principles (GAAP).

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Definitions:

Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.

Cultural Survival Kit

The essential beliefs, practices, symbols, and knowledge that a culture relies on for survival and maintaining its identity.

Production

Is the human capacity to make and use tools. It improves our ability to take what we want from nature.

Abstraction

The human capacity to create general ideas, or ways of thinking that are not linked to particular instances. For example, languages, mathematical notations, and signs allow us to classify experience and generalize from it.