Who/what are the principal officals in a state's Comprehensive Annual Financial Report
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Who/what are the principal officals in a state's Comprehensive Annual Financial Report
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- Whom/what are the principal officals in a state's Comprehensive Annual Financial ReportIn a government’s comprehensive annual financial report, account groups are included in which of the following combined financial statements? Net Assets Statement of Activities a.Yes No b.No Yes c.Yes Yes d.No NoWhat is the composition of a state or local government’s comprehensive annual financial report (CAFR)?
- What objectives does the Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting identify?Name differences in accounting and financial reporting for the federal government by examining the government - wide annual report.Compare the use of accrual accounting in federal government financial reporting with the use of accrual accounting in state or local government financial reporting.
- Identify the types of financial statements issued annually by federal agencies. Compare and contrast them against the financial statements issued by a state government and a for-profit business. Discuss why there is a difference between the three.What measurement focus is used in government-wide financial statements, and what system is applied to determine the timing of revenue and expense recognition?Which of the following would typically not be included in the introductory section of a comprehensive annual financial report? Multiple Choice Title and contents page. Letter of transmittal. A description of the government. Summary of the government's current financial position and results of financial activities.
- How are budget results shown in the financial reporting of a state or local government?What are the two major divisions reported in government-wide financial statements? What funds are reported in these financial statements?Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.