FASAB Has Identified Four Major User Groups of Federal Financial

question 43

Multiple Choice

FASAB has identified four major user groups of federal financial reports,they are

• A) Congress,executives,program managers,and citizens.
• B) Congress,executives,citizens,and bond rating agencies.
• C) Congress,program managers,foreign governments,and citizens.
• D) Congress,program managers,bond rating agencies,and political parties.

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Definitions:

Terminated

The condition of being brought to an end or concluded, often referring to contracts, employment, or agreements.

Insolvency

The state of being unable to pay debts as they fall due or having liabilities exceed assets.

Principal

The party that an agent’s authority can bind or act on behalf of.

Agent

An individual authorized to act on behalf of another, known as the principal, in legal or business matters.