Because Budgetary Accounts Are Used by Governments,their Financial Statements Can

question 21

True/False

Because budgetary accounts are used by governments,their financial statements can never be said to be in accord with generally accepted accounting principles.

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Definitions:

Achieving Legitimacy

The process through which an organization seeks to be accepted or regarded as proper or valid within a certain context or by a specific audience.

Institutionalized

Refers to processes or norms that have been established and accepted within an organization or society as standard or proper.

Corporate Philanthropy

The act of corporations donating some of their profits, or their resources, to charitable causes.

Delay Gratification

The ability to resist the temptation for an immediate reward and wait for a later, often greater, reward.