The PSAB Has Identified a Number of Key Characteristics of Public

question 39

Multiple Choice

The PSAB has identified a number of key characteristics of public sector entities. Which of the following is not one of these characteristics?

• A)Have non-exchange transactions
• B)Importance of budgets
• C)Legislated financial framework
• D)May have equity ownership

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Definitions:

Invitee

A person who is invited onto property or premises for the benefit of the property owner or occupier, thus granted higher safety and care standards.

Licensee

An individual or entity that has been granted the legal right by a licensor to use, produce, or sell someone else's product, technology, or intellectual property.

Restatement Second Torts

A legal document that summarizes the general principles of American tort law, including definitions and legal standards, guiding judges and lawyers.

Legal Duty

An obligation arising from law, requiring an individual or entity to conform to a standard of conduct or to perform certain actions.