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

question 16

Multiple Choice

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

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Definitions:

Lemonade Stands

A small, informal business, often run by children, that sells lemonade to the public, typically during summer.

Young Salesman

A term referring to a relatively inexperienced individual engaged in selling goods or services.

Economic Perspective

Viewing and analyzing economic phenomena in terms of costs, benefits, incentives, and the allocation of scarce resources.

Class Value

A concept reflecting the assumed worth or importance of a particular class in societal, economic, or educational settings.