GASB Concepts Statement No

question 57

Multiple Choice

GASB Concepts Statement No.3,Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements,states that

• A) notes to the financial statements may include management's objective explanations.
• B) required supplementary information must be objective and may not include predictions or subjective assessments.
• C) disclosure in the notes is not an adequate substitute for recognition in the financial statements.
• D) All of the above are correct.

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Definitions:

Biconditional

A logical statement combining two conditions where each implies the other; written as "if and only if."

Tautology

A redundant or repetitive statement in which the same thing is said twice in different words.

Main Component

A primary or essential part of a larger whole or system.

Biconditional

A logical relation between statements where both are either simultaneously true or simultaneously false.