Which of the following statements relating to the requirements for financial reporting is not true?
A) General purpose financial statements are a columnar overview of the financial position and operating results of all funds
B) General purpose financial statements provide the minimum financial reporting necessary for fair representation of government activity
C) General purpose financial statements are part of the financial section of a comprehensive annual financial report
D) General purpose financial statements are part of required supplementary information

Question

Quizplus · Accepted Answer

General purpose financial statements are not part of required supplementary information. Required supplementary information includes, for example, budgetary comparison schedules and schedules of employer contributions for pension plans.

Which of the Following Statements Relating to the Requirements for Financial