According to the GASB (Governmental Accounting Standards Board), which one of the following is not a criterion for determining whether a government is legally separate?
A) The government can determine its own budget.
B) The government can issue bonded debt.
C) The government has corporate powers including the right to sue and be sued.
D) The government has the power to levy taxes.
E) The government can issue preferred stock.

Question

Quizplus · Accepted Answer

The issuance of preferred stock is not a criterion for determining legal separation for a government entity according to GASB.

According to the GASB (Governmental Accounting Standards Board), Which One