True/False Questions
1. A Comprehensive Annual Financial Report (CAFR) would include an introductory section, management's discussion and analysis, basic financial statements, required supplementary information other than MD&A, combining and individual fund statements, narrative explanations, and statistical section.
2.The three major sections of a CAFR are the Introductory, Financial, and Statistical sections.
3.The introductory and statistical sections of a CAFR are required to be audited.
4.State and local governments arenot
required to prepare a CAFR.
5.Combining statements are required whenever a non-major column is used in one of the fund financial statements.
6.A complete CAFR includes combining financial statements to reflect major funds.
7.In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.
8.In addition to the government-wide statements, governments are required to prepare fund financial statements forgovernmental funds only.
9.The General Fund is not always considered to be a major fund when preparing fund basis financial statements.
10.With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category.
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