QUESTION1 Governmental fund statements are prepared using O

QUESTION1 Governmental fund statements are prepared using: O Curent financial resources measurement focus and modified accrual basis of accounting. O B. Current financial resources measurement focus and accrual basis of accounting. ° C. Economic resources measurement focus and modified accrual basis of a O D. Economic resources measurement focus and accrual basis of accounting. QUESTION 2 approach for infrastructure requires schedules and disclosures to be included in waich parc of the CAFR? Notes to the Financial Statements B. Required supplementary Information CPropietary Fund Statements OD.Other Supplementary Information

Solution

1) Solution: A current financial resources measurement focus and modified accrual basis of accounting

Explanation: Government fund statements are prepared with the usage of modified accrual basis of accounting

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2) Solution: Required Supplementary Information

Explanation: Required Supplementary Information requires schedules and disclosures to be included in Comprehensive Annual Financial Report

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3) Solution: Budgetary

Explanation: Introductory Section, Financial Section, Statistical Section are major sections of the CAFR

4) Solution: General Fund

Explanation: GASB 34 states requirement of a budgetary comparison schedule for each governmental fund which is a legally adopted budget.

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5) Solution: The government-wide Statement of Net Position and the proprietary funds Statement of Net Position

Explanation: The government-wide Statement of Net Position and the proprietary funds Statement of Net Position provides the details on the long-term liability for revenue bonds