The Three Major User Groups Identified by the GASB Are

question 1

True/False

The three major user groups identified by the GASB are 1) citizen groups, 2) legislative and oversight officials, and 3) investors and creditors.

---

Definitions:

Trade Deficit

A trade deficit occurs when a country's imports exceed its exports during a given time period.

Balance of Payments

A financial statement that summarizes a country's financial transactions with the rest of the world for a specific period.

Rate of Exchange

The value of one currency for the purpose of conversion to another, indicating how much foreign currency can be exchanged for a unit of domestic currency.

Rate of Exchange

The price at which one currency can be exchanged for another, determining how much of one currency can be purchased with another currency.