GASB Requires Both Extraordinary and Special Items to Be Reported

question 122

True/False

GASB requires both extraordinary and special items to be reported separately after other financing sources and uses in the General and Special Revenue fund financial statements

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Definitions:

Invoice

A document issued by a seller to a buyer, detailing products or services provided, their prices, and the total amount due for payment.

Net 30

A payment term indicating that payment is due in full 30 days after goods are delivered or a service is completed.

Forego Discounts

The opportunity cost of not taking advantage of early payment discounts offered by suppliers.

Credit Analysis

The process of evaluating an individual's or an organization's ability to repay debt obligations based on their financial stability and history.