GASB Statement 35 Extends the Provisions of GASB Statement 34

question 19

True/False

GASB Statement 35 extends the provisions of GASB Statement 34 to both public and private colleges and universities.

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Definitions:

Work-Related Contracts

Agreements that are specifically tied to employment or professional services between two or more parties.

Intoxication

A state of being under the influence of alcohol or drugs to a degree that mental and physical faculties are significantly impaired.

Voidable

A term describing a legal agreement that may be declared invalid by one of the parties due to certain conditions not being met or due to the presence of coercion, misrepresentation, or fraud.

Voluntary

Acting or done willingly and without obligation or compensation.