What Are the Two Sets of Financial Statements Mandated by GASB

question 27

Essay

What are the two sets of financial statements mandated by GASB for state and local governments? For each set, what are the names of the individual statements that must be produced?

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level, at a specific time.

Quantity Supplied

The volume of a commodity or service that sellers are ready and able to put on the market for a certain price within a designated period.

Reserves

Funds or materials set aside for future use or in case of an emergency, often referring to financial or resource stockpiles.

Flexible Exchange Rates

A system under which the value of a country's currency is allowed to fluctuate according to the foreign exchange market.