Combining financial statements for nonmajor funds of a government should be included:
A) In the basic financial statements.
B) In the notes to the financial statements.
C) As a part of the financial section of the comprehensive annual financial report (CAFR).
D) As part of the statistical section of the comprehensive annual financial report (CAFR).

Question

Quizplus · Accepted Answer

Combining financial statements for nonmajor funds of a government are typically included as part of the financial section of the Comprehensive Annual Financial Report (CAFR). This section provides detailed financial information beyond the basic financial statements, offering a more comprehensive view of a government's financial activities and balances for nonmajor funds.

Combining Financial Statements for Nonmajor Funds of a Government Should