GASB Statement No

question 45

True/False

GASB Statement No.34 calls for financial statements integrated with government-wide reporting and enhanced fund reporting.

---

Definitions:

Accrued Interest

Interest that has been earned but not yet received in cash or recorded, representing a liability for the payer and an asset for the receiver.

Semiannual Interest

Interest calculated and disbursed semi-annually.

Bonds

Fixed income investments representing loans made by an investor to a borrower, typically corporate or governmental, which are expected to be paid back with interest.

Financial Treatment

The method applied in accounting and finance to process, present, or manage financial transactions and their impact on financial statements.