Footnote Information That Duplicates Information in Financial Statements Included in the CAFR

question 37

Multiple Choice

Footnote information that duplicates information in financial statements included in the CAFR

• A) May be eliminated.
• B) May be eliminated if the government does not issue its basic financial statements separately.
• C) May be eliminated if the government does issue its basic financial statements.
• D) Is common and must be presented despite the duplication.

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Definitions:

Implicit Guarantee

An unstated or implied promise or assurance, often believed to exist due to past practices or general market perceptions.

Future Performance

A contractual commitment to perform a service or deliver a product at a future date.

Breach of Warranty

The violation of a claim or promise about a product's condition, quality, or performance.

Discovered the Defect

The identification by a buyer or lessee of a flaw or deficiency in a product or property that was not known at the time of purchase or lease.