"Interim Financial Reports Are Needed for State and Local Governments

question 15

Essay

"Interim financial reports are needed for state and local governments even though external users of financial reports have no need to assess monthly or quarterly performance of the government." Do you agree? Why or why not?

---

Definitions:

Dichotomous Thinking

The tendency to categorize experiences, people, or items into two extreme and opposite groups.

Right Or Wrong

A moral or ethical judgment about actions or decisions based on societal, personal, or legal standards.

Blaming

The act of accusing someone of being responsible for a fault or wrong.

Scarcity

The economic problem of having seemingly unlimited human wants in a world of limited resources.