Which of the Following Statements Relating to the Requirements for Financial

question 23

Multiple Choice

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

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Definitions:

Defined Contribution Pension Plans

Retirement plans where employer contributions are specified, and the benefits received by the employee depend on the plan's investment performance.

Pension Fund Asset

Financial resources that a pension fund holds to meet future obligations to participants, including equities, bonds, real estate, and other investments.

Defined Contribution Pension Plan

A retirement plan where employers, employees, or both make contributions on a regular basis, but the benefits received depend on the plan's investment performance.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position, including assets, liabilities, and shareholders' equity at a specific point in time.