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:

Vandalism

The act of willfully or maliciously causing damage to property.

Consideration

An essential element in contract law that involves something of value exchanged between parties, which can include money, goods, services, or a promise to act or not act.

Statutes of Limitation

Laws that set the maximum time after an event within which legal proceedings may be initiated.

Reasonable Price

A price that is fair, considering the circumstances of the sale and the market conditions, often used in legal and commercial contexts to determine the fairness of transactions.