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CGFM Test 2: 2025 Questions and Answers General Purpose Financial Reporting - --Answer --Assists users in assessing accountability and in making economic, social and political decisions Interperiod Equity - --Answer --A term coined by the GASB indicating the extent to which current-period revenues are adequate to pay for current-period services. Accural Basis Accounting - --Answer --reporting income when it is earned and expenses when they are incurred Modified Accural Basis - --Answer -- Primary users of Financial Reports - --Answer --public, legislative bodies, grantor agencies, the media, investors and creditors, and internal financial managers . Governmental Accounting Standards Board (GASB) - --Answer -- Established by the Financial Accounting Foundation to develop guidelines for financial accounting and reporting by state and local governmental units. ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1