GASB Standards Require That IRS 457 Deferred Compensation Plans, If

question 21

True/False

GASB Standards require that IRS 457 Deferred Compensation Plans, if administered by the governmental unit, be reported as pension trust funds.

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Definitions:

Knowledge

Information, understanding, or skill acquired through experience or education; the theoretical or practical understanding of a subject.

Cognitive Skills

Mental capabilities that are involved in processing information, such as memory, reasoning, problem-solving, and attention.

Critical Thinking

The ability to analyze information objectively and make a reasoned judgment by evaluating evidence, analyzing assumptions, and understanding logical connections.

Problem Solving

Problem Solving is a mental process that involves discovering, analyzing, and solving problems by overcoming obstacles and finding logical solutions.