The Comprehensive Annual Financial
Report Exam Questions and Answers
Graded A+
A governmental entity that prepares Management's Discussion & Analysis, the
Basic Financial Statements, and the Required Supplementary Information has met
the minimum external financial reporting requirements specified by GASB. T/F? -
Correct answer-True
The major sections of the Comprehensive Annual report are the Introductory
Section, the Financial Section, the Discussion and Analysis Section, and the
Statistical Section. T/F? - Correct answer-False
Both the Government-wide Statements and the Fund Statements are included in the
Basic Financial Statements. T/F? - Correct answer-True
Jonn City entered into a capital lease for equipment during the year. How should
the asset obtained through the lease be reported in Jonn City's government-wide
Statement of Net Position?
A. General Capital Asset.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
Report Exam Questions and Answers
Graded A+
A governmental entity that prepares Management's Discussion & Analysis, the
Basic Financial Statements, and the Required Supplementary Information has met
the minimum external financial reporting requirements specified by GASB. T/F? -
Correct answer-True
The major sections of the Comprehensive Annual report are the Introductory
Section, the Financial Section, the Discussion and Analysis Section, and the
Statistical Section. T/F? - Correct answer-False
Both the Government-wide Statements and the Fund Statements are included in the
Basic Financial Statements. T/F? - Correct answer-True
Jonn City entered into a capital lease for equipment during the year. How should
the asset obtained through the lease be reported in Jonn City's government-wide
Statement of Net Position?
A. General Capital Asset.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
