According to GASB Concepts Statement No

question 50

Multiple Choice

According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports?

• A) The Securities and Exchange Commission, the citizenry, and legislative and oversight bodies.
• B) The Securities and Exchange Commission, legislative and oversight bodies, and investors and creditors.
• C) The Securities and Exchange Commission, the citizenry, and investors and creditors.
• D) The citizenry, legislative and oversight bodies, and investors and creditors.
• E) The citizenry, management, and the Governmental Accounting Office.

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Definitions:

Courts of Chancery

Historical courts in England and later some states in the US, dealing with cases involving equity, including trusts, land law, and guardianships.

Common-law Courts

are courts that base their decisions on the principles and traditions of common law, which is law developed through court decisions over time, as opposed to statutory laws.

Bodies of Law

The collective set of laws, regulations, and legal principles that govern a specific area or country.

Subordinate Legislation

Rules and regulations made by an executive authority under powers given to them by an Act of Parliament.