According to GASB,a Primary Government Can Only Be a State

question 134

True/False

According to GASB,a primary government can only be a state or a general-purpose local government,such as a city or county.

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Definitions:

Accounting Cycle

The series of steps followed by an organization to track and manage financial transactions, from the initial transaction to the closing of the books.

Special Journals

Special journals are accounting journals designed for recording specific types of transactions in a detailed manner, such as sales or purchases, to streamline the accounting process.

General Journal

A basic accounting ledger where all types of transactions are initially recorded, using a double-entry bookkeeping system, before being posted to specific accounts in the general ledger.

Sales Journal

A specialized accounting journal used to record all sales of merchandise on credit.