Question 1

Describe the comprehensive annual financial report (CAFR).What are the sections of the report and which components of the organization should it include? Is a CAFR required?

Accepted Answer

The answer of Describe the comprehensive annual financial report (CAFR).What...

Question 2

In accounting for state and local governments the modified accrual basis is required for

Accepted Answer

A)  Proprietary and fiduciary funds. 
B)  Governmental funds. 
C)  Governmental and fiduciary funds. 
D)  Governmental and internal service funds.

Question 3

An expenditure is an example of what the GASB terms an outflow of resources.

Accepted Answer

A) True 
 B)False

Question 4

The accrual basis of accounting applicable to proprietary fund types requires that exchange revenues be recognized when

Accepted Answer

A)  Earned. 
B)  Collected in cash. 
C)  Authorized by the budget ordinance. 
D)  Measurable and available.

Question 5

The governmental funds category includes the General Fund,special revenue funds,debt service funds,capital projects funds,and internal service funds.

Accepted Answer