The three groups of primary users of external state and local governmental financial reports are The citizenry, legislative and oversight bodies, and investors and creditors
GASB Concepts Statement No. 1
This Concepts Statement is one of a series issued or will be issued by the GASB. The purpose of Concept Statements is to create a conceptual framework of interrelated objectives and fundamental concepts that can be used to generate consistent accounting and financial reporting standards.
The demands of people who utilize governmental financial reports and the features of the state and local governmental operational environment both have an impact on the aims of governmental financial reporting.
Governmental and commercial operations are the two categories into which the activities of governmental bodies have historically been split.
To learn more about GASB Concepts Statement No. 1
brainly.com/question/20757640
#SPJ4
Answer: Master limited partnership
Explanation:
A master limited partnership also referred to as a MLP, is known as a limited partnership which is publicly traded on an exchange. A Master Limited Partnership tends to combine the tax benefits or advantages from a limited partnership with its liquidity that are the publicly traded securities such as stocks and bonds offer. A MLP tends to pays taxes like every other partnerships, thus by passing profits through to individual, and also accounting for these profits on owner's tax return.
Answer:
C- Should be corrected as soon as they are discovered
Explanation:
If error occur in recording process they should be corrected as soon as they are discovered although the errors are usually unintentional mistakes made when recording . Small recording errors might cause major distortions in the overall figures.
Although the suspense account is the main method used to detect errors that cause discrepancies between the debit and credit balances of the trial balance in which
Adjusting entries are posted in the general ledger to correct errors detected in the trial balance.
Answer:
The correct answer is: Risk Control.
Explanation:
Risk Control is the steps a firm takes to find possible losses and mitigate them. In the process, the company may find risk factors within the production process that are technical -inherent to the equipment, or non-technical -employees unsatisfied with wages that could lead to a strike, for instance. Risk control aims to set several actions that could avoid further problems in the prejudice of the organization.
