Which of the Following Is a True Statement About the Relationship

question 28

Multiple Choice

Which of the following is a True statement about the relationship between generally accepted government auditing standards (GAGAS) and generally accepted auditing standards (GAAS) ?

• A) GAGAS and GAAS provide standards for financial audits, attestation engagements, and performance audits.
• B) GAGAS encompass GAAS and supplement certain GAAS.
• C) GAAS encompass GAGAS and supplement certain GAGAS.
• D) GAGAS are promulgated by the Government Accountability Office and GAAS are promulgated by the Governmental Accounting Standards Board.

---

Definitions:

Standard Deviation

A statistical measure that quantifies the dispersion or variability of a data set around its mean, indicating how spread out the data points are.

Mean Weight

Mean weight refers to the average weight calculated by dividing the sum of all weights in a set by the number of weights.

Net Income

The total earnings or profit of a company after subtracting all expenses, taxes, and costs.

Random Variable

A numerical outcome-based variable originating from a random phenomenon.