In the GASB Reporting Model, Extraordinary Items and Special Items

question 18

True/False

In the GASB reporting model, extraordinary items and special items must be reported as separate line items below General Revenues in the statement of activities to distinguish these nonrecurring items from normal recurring general revenues.

---

Definitions:

Money Supply

The total amount of monetary assets available in an economy at any specific time, including cash, coins, and balances held in checking and savings accounts.

Open-Market Purchases

Actions by a central bank to buy securities in the open market to increase the money supply.

Bank Deposits

Money placed into banking institutions for safekeeping, which can include savings accounts, checking accounts, and certificates of deposit.

Lending

The act of providing funds to another party with the expectation that the funds will be repaid, often with interest, over a specified period of time.