Statement 53 (Reporting of Derivatives)applies Only to Reporting at the Government-Wide

question 42

True/False

Statement 53 (reporting of derivatives)applies only to reporting at the government-wide level,not the fund-basis statements,for governmental-type funds.

---

Definitions:

Deadweight Loss

A shortfall in economic efficiency due to a good or service not reaching free market equilibrium.

Total Surplus

The combined value of consumer and producer surplus that signifies the overall advantage to society through the manufacturing and consumption of products or services.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive in the market.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service versus what they actually receive.