Generally Accepted Government Auditing Standards (GAGAS)

question 48

Multiple Choice

Generally accepted government auditing standards (GAGAS)

• A)Establish the same scope as GAAS,but use wording appropriate to governmental entities instead of business organizations.
• B)Are set forth in the "Federal Government Red Book."
• C)Establish more standards that are broader in scope than those found in GAAS.
• D)Establish standard wording of auditor's reports on governmental financial statements.

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Definitions:

Support Level

A price level below which it is supposedly difficult for a stock or stock index to fall.

Market Fall

A significant decline in the stock market, which can be triggered by various economic, political, or global events.

Intrinsic Value

The actual, underlying worth of an asset, independent of its current market price, based on its fundamental characteristics.

Technical Analysts

Professionals who evaluate securities by analyzing statistics generated by market activity, such as past prices and volume, to predict future price movements.