CPFO Final Accounting Exam Part 4

CPFO Final Accounting Exam Part 4 What is the minimum required for presentation of external financial statements in order to conform with GAAP? - Correct Answer-Only the basic financial statements What makes up the RSI information in the ACFR - Correct Answer-MD&A & Other RSI What is included in the mandatory reporting? - Correct Answer-MD&A Basic financial statements Other RSI What is included in the basic financial statements? - Correct Answer-Government-wide Funds - Governmental, Proprietary, Fiduciary Notes to the basic financial statements Which sections of the ACFR are audited? - Correct Answer-Basic financial statements Government-wide Funds - Governmental, Proprietary, Fiduciary Notes to the basic financial statements While it is not required, authoritative guidance recommends preparing a full ACFR. What are the challenges to financial statement users if a full ACFR is not presented? - Correct Answer-Governments differ in structure, authority, services provided Basic financial statements only show individual detail for major funds Not enough detail to demonstrate compliance with finance-related legal or contractual provisions Trend and nonfinancial information is needed to provide context Users desire management's subjective analysis What are the basic sections of ACFR? - Correct Answer-Introductory Financial Statistical