The Governmental Accounting Standards Board (GASB) establishes financial reporting standards for state and local governmental entities. An entity possessing the following characteristics should follow GASB standards:
a. The power to enact and levy a tax.
b. The power to issue debt, for which its interest is exempt from federal taxation.
c. The potential that a government could unilaterally dissolve the entity and assume their assets and liabilities.
d. All of the above.
e. Only a and b.
Question 2
All of the following statements regarding a horizontal analysis are true except:
a. A horizontal analysis is used to compare an item in a current statement with the same item in priorstatements.
b. A horizontal analysis can be performed on a balance sheet and income statement, but not on a statement ofcash flows.
c. If fees earned in Year 1 are 125,000 and fees earned in Year 2 are 143,750, a horizontal analysis willindicate a 15 increase over this period.
d. When two statement s are compared in horizontal analysis, the earlier statement is used as the base forcomputing the amount and the percent of change.
Historical timeline of regulatory acts, standards, and organizations.
The world has been horrified recently at a U.S. Congress so polarized and paralyzed that it cannot p
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