In Addition to the Fund Basis Statement,GASB Statement 34 Requires

question 92

True/False

In addition to the fund basis statement,GASB Statement 34 requires government-wide statements that are prepared using the modified accrual basis and the economic resources measurement focus.

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Definitions:

Fixed Costs

Expenses that do not change with the level of goods or services produced over the short term; these include items like rent, salaries, and insurance.

Depreciation Expense

The distribution of a physical asset's cost over its lifespan to account for depreciation or becoming outdated.

Sales

The total amount of goods or services sold by a company.