The Only Objective of the Governmental Accounting Standards Board Is

question 53

True/False

The only objective of the Governmental Accounting Standards Board is to help users determine compliance with finance-related laws, rules, and regulations.

---

Definitions:

Book Value

The value of an asset according to its balance sheet account balance, calculated as the original cost of the asset minus any accumulated depreciation, amortization, or impairment costs.

Market Value

Market value refers to the current price at which an asset or service can be bought or sold on the open market.

Disposal

The act of getting rid of something, especially by throwing it away or by selling or giving it to someone.

Race Relations

The ways in which individuals and groups of different racial backgrounds interact and relate to one another in a society.