41.Prior-year data may be presented but are not required on government-wide statements
42.Prior-year data are required to be presented on government-wide statements
43.Proprietary funds are required to prepare a Statement of Cash Flows from operating activities using the direct method.
44.Government-wide financial statements use the economic resources measurement focus and the accrual basis of accounting.
45.A Comprehensive Annual Financial Report for a state or local governmental unit should contain an introductory section, a financial section, and a statistical section
46.A government may
notselectively designate any fund to be a major fund even if reporting the fund separately would be useful.
47.The Comprehensive Annual Financial Report (CAFR) contains four major sections: introductory, financial, supplementary, and statistical.
48.The fund balance reported in the Governmental Funds Balance Sheet must be reconciled to the total Net Position in the governmental activities column of the government-wide Statements of Net Position.
49.The fund balance reported in the Governmental Funds Balance Sheet must equal the total Net Position in the governmental activities column of the government-wide Statements of Net Position.
50.Fund balance is an account title used only in governmental funds to indicate the excess of assets over liabilities.
51.The Governmental Accounting Standards Board considers the financial reporting entity to include the primary government, but
not
its component units.