Which of the Following Is True Regarding GASB's Definition of the Financial

question 129

Multiple Choice

Which of the following is true regarding GASB's definition of the financial reporting entity?

• A) The financial reporting entity might include a primary government, component units, joint ventures, or a jointly governed organization.
• B) Primary governments may be general-purpose governments (such as states, cities, and counties) or special-purpose governments that have separately elected governing bodies, are legally separate and are fiscally independent of other state or local governments.
• C) Blending is used to incorporate component units only when those component units are, in substance, part of the primary government.
• D) All of the above are true.

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Definitions:

Normal Curve

A bell-shaped curve representing a distribution of values, traits, or scores where most occurrences take place in the middle of the range.

Standard Deviations

A measure of the dispersion or variability within a set of numerical data, indicating how much each value differs from the mean of the dataset.

Normal Curve

A symmetrical, bell-shaped curve that represents the distribution of many types of data; most scores fall near the mean, or average, with fewer scores at the extremes.

Standard Deviations

A numerical metric that calculates the degree of spread or distribution of a data set values around the average.