As used by the GASB, interperiod equity refers to which of the following?
A) Demonstrate compliance with finance-related contractual requirements.
B) Provide information to determine whether the constituents pay for what they receive.
C) Demonstrate whether resources were obtained and used in accordance with the government's legally adopted budget.
D) Provide information to assist users in assessing the government's economy, efficiency, and effectiveness.

Question

As used by the GASB, interperiod equity refers to which of the following? 
A) Demonstrate compliance with finance-related contractual requirements.
B) Provide information to determine whether the constituents pay for what they receive.
C) Demonstrate whether resources were obtained and used in accordance with the government's legally adopted budget.
D) Provide information to assist users in assessing the government's economy, efficiency, and effectiveness.

Quizplus · Accepted Answer

Interperiod equity, as used by the Governmental Accounting Standards Board (GASB), refers to the concept that current-year revenues should pay for current-year services, ensuring that the cost of providing services is borne by those who benefit from them in the current period. This helps to determine whether constituents are paying for what they receive in terms of government services and resources.

As Used by the GASB, Interperiod Equity Refers to Which