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

question 36

Multiple Choice

The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in fund net position for:

• A) Both proprietary and governmental funds.
• B) Proprietary but not governmental funds.
• C) Governmental but not proprietary funds.
• D) Proprietary and fiduciary funds.

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Definitions:

Opportunity Cost

The price of foregoing the next most desirable option when a decision is made.

Cell Phones

Portable electronic devices used for mobile communication, including voice calls, text messaging, and internet access.

Herring

A type of fish found mainly in the North Atlantic, known for its significance in various cuisines globally.

Comparative Advantage

The talent of either an individual, corporation, or country to generate a good or provide a service at a reduced opportunity cost compared to that of the competition.