The Minimum Requirements for General Purpose External Financial Reporting Are

question 29

True/False

The minimum requirements for general purpose external financial reporting are (1) management's discussion and analysis (MD&A), (2) the basic financial statements, including the notes to the financial statements, and (3) combining and individual fund financial statements.

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Definitions:

Clarify

To make a statement or situation less confused and more comprehensible.

Obligations

Duties or commitments imposed by law, contract, or a sense of moral responsibility.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize laws across the states.

Identified

Recognized or distinguished as being a particular entity or belonging to a specific category or group.