Which of the Following Is True Regarding the Comprehensive Annual

question 12

Multiple Choice

Which of the following is true regarding the Comprehensive Annual Financial Report CAFR?

• A) The CAFR has three main sections: introductory, financial, and statistical.
• B) Required supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget unless a statement is prepared.
• C) Both of the above.
• D) Neither of the above.

---

Definitions:

Consolidated Financial Statements

Combined financial statements of a parent company and its subsidiaries, showing the financial results and financial position as if the group were a single entity.

Common Stock

Equity ownership in a corporation, granting shareholders voting rights and a share in the company's profits via dividends, pertaining to the fundamental stake in the company’s equity.

Cash Dividend

A distribution of profits by a corporation to its shareholders in the form of cash.

Cash

Money in the form of coins or banknotes, especially that held by a person or business.