GASB Requires That Infrastructure Be Recorded Retroactively by Phase 1

question 42

Multiple Choice

GASB requires that infrastructure be recorded retroactively by Phase 1 governments:

• A) For fiscal years beginning after June 15, 2006
• B) For fiscal years beginning after June 15, 2005
• C) Not required, but encouraged to adopt infrastructure retroactively
• D) None of the above

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Definitions:

Federal Poverty Level

A measure used to determine eligibility for certain federal programs and benefits, based on income.

Premium Tax Credit

A refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace.

Household Income

The total gross income before taxes of all household members over a certain age, typically used for financial assessments.

American Opportunity Tax

A credit that allows taxpayers to reduce their federal income tax based on qualified education expenses paid for themselves, a spouse, or a dependent.