According to GASB Concepts Statement No

question 70

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 Exchange Commission, the citizenry, and legislative and oversight bodies.
• B) The Securities Exchange Commission, legislative and oversight bodies, and investors and creditors.
• C) The Securities 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:

Dye Costs

The expenses associated with acquiring dyes used in the manufacturing or production process.

Skeins

Lengths of thread or yarn, loosely coiled and knotted, used in textile production.

Spending Variance

The difference between the actual cost incurred and the budgeted cost, usually related to manufacturing or operating budgets.

Plane Operating Costs

The expenses associated with operating an aircraft, including fuel, maintenance, crew, and depreciation.