The comprehensive annual financial report (CAFR)of a government should contain a statement of revenues,expenses,and changes in net assets for
A)Both proprietary and governmental funds.
B)Governmental but not proprietary funds.
C)Proprietary but not governmental funds.
D)Both proprietary and fiduciary funds.

Question

Quizplus · Accepted Answer

The statement of revenues, expenses, and changes in net assets is required for proprietary funds, which operate similarly to private businesses. Governmental funds use a different financial statement format focusing on financial position and changes in fund balances.

The Comprehensive Annual Financial Report (CAFR)of a Government Should Contain