What constitutes the basic financial statements of a government?
A) Financial section of the comprehensive annual financial report (CAFR).
B) Government-wide financial statements plus notes.
C) Government-wide financial statements plus fund financial statements plus notes.
D) Government-wide financial statements plus fund financial statements plus notes plus required supplementary information (RSI).

Question

Quizplus · Accepted Answer

The basic financial statements of a government include the government-wide financial statements, which provide a broad overview of the government's financial position, and the fund financial statements, which provide more detailed information about individual funds. Both sets of statements are accompanied by notes that further explain the information presented. Together, these statements and accompanying notes make up the core set of financial statements in a government's comprehensive annual financial report (CAFR).

What Constitutes the Basic Financial Statements of a Government