Question

Which of the following would be included in a properly prepared comprehensive annual financial report (CAFR), but not in the minimum requirements for general purpose financial reporting specified by GASB standards? A) Management's discussion and analysis (MD&A) B) Government-wide financial statements. C) Notes to the financial statements. D) Combining and individual fund financial statements.

Answer 1

Answer: D. Combining and individual fund financial statements.

Explanation: Annual financial Report, the most common of this set of reports issued are general purpose financial statements that include income statement, balance sheet, retain earnings and statement of cash flow. It is a financial statement of 12 consecutive months in a year.

There are items that will be include such as Combining and individual fund financial statements.