Which of the following information should be included in the financial section of a comprehensive annual financial report?
A)Transmittal letter.
B)The basic financial statements,including notes thereto.
C)Tables and charts showing demographic and economic data.
D)A description of the government.

Question

Quizplus · Accepted Answer

The financial section of a comprehensive annual financial report should include the basic financial statements, including notes thereto, since it provides the financial information that users need to evaluate the entity's financial health and operating results. Transmittal letter provides a broad discussion of the entity's accomplishments for the year and a summary of significant financial highlights. Tables and charts showing demographic and economic data may be included in the introductory or statistical sections of the report. A description of the government may be included in the introductory section. However, the comprehensive annual financial report should primarily focus on providing financial information in the financial section.

Which of the Following Information Should Be Included in the Financial