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Nfp Accounting Test #2 Exam Questions And
Answers |Latest 2025 | Guaranteed Pass.
What are the three major sections of a CAFR? - Answer✔introductory, financial, and statistical
what are the three categories of information included in the financial section of a CAFR? -
Answer✔auditor's report, management's discussion and analysis, and basic financial
statements
what is the Government Finance Officers Association Certificate? What must a government do
in order to be awarded this certificate? - Answer✔A certificate program to encourage and
promote excellent financial reporting. Government must have unmodified audit opinion and
have report reviewed with extensive checklist by independent reviewers
define the financial reporting entity - Answer✔the primary government together with its
component units
define and give an example of a primary government - Answer✔state government, general-
purpose local government like city or country, or a special-purpose government like school
district
define and give an example of a component unit - Answer✔legally separated organizations
where elected officials of primary government are financially accountable; RIPTA
1|P a g e
Nfp Accounting Test #2 Exam Questions And
Answers |Latest 2025 | Guaranteed Pass.
What are the three major sections of a CAFR? - Answer✔introductory, financial, and statistical
what are the three categories of information included in the financial section of a CAFR? -
Answer✔auditor's report, management's discussion and analysis, and basic financial
statements
what is the Government Finance Officers Association Certificate? What must a government do
in order to be awarded this certificate? - Answer✔A certificate program to encourage and
promote excellent financial reporting. Government must have unmodified audit opinion and
have report reviewed with extensive checklist by independent reviewers
define the financial reporting entity - Answer✔the primary government together with its
component units
define and give an example of a primary government - Answer✔state government, general-
purpose local government like city or country, or a special-purpose government like school
district
define and give an example of a component unit - Answer✔legally separated organizations
where elected officials of primary government are financially accountable; RIPTA
1|P a g e
