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. A and B are true D. Neither A not B are true

The correct answer is C. A and B are true.

Explanation:

An Integral Annual Financial Report (CAFR) is a set of financial statements of the US government. UU. That includes the financial report of a state, municipal or other governmental entity that meets the accounting requirements promulgated by the Government Accounting Standards Board (GASB). GASB provides standards for the content of a CAFR in its annually updated publication Coding of Government Accounting and Financial Information Standards. The US federal government UU. Adheres to the standards determined by the Federal Accounting Standards Advisory Board (FASAB).

A CAFR is compiled by a state, municipal or other government accounting staff and audited by a certified accounting firm of the American Institute of Public Accountants (AICPA) that uses the GASB requirements. It is made up of three sections: introductory, financial and statistical. It combines the financial information of the fund accounting and the accounting of the Business Authorities.