GASB Standards Require That All State and Local Governments Present

question 83

True/False

GASB standards require that all state and local governments present a statement of revenues, expenditures, and changes in fund balances-budget and actual for the General Fund and major special revenue funds for which annual budgets have been legally adopted.

---

Definitions:

Free Riding

The act of benefiting from resources or services without paying for them or contributing to their provision.

Evaluation Apprehension

Anxiety or fear about being judged or evaluated by others, often affecting performance or behavior in social settings.

Social Facilitation

The tendency for people to perform differently when in the presence of others compared to when alone, typically improving on simple tasks and worsening on complex tasks.

Commons Dilemma

A situation in which individuals' short-term selfish interests are at odds with long-term group interests and the common good.