100% SOLVED BY A VERIFIED WRITER- Module 4 Critical Thinking

Below is a list of items that could appear in a CAFR report.

Legal debt limits and debt margins

10-year trend data

Notes to financial reports

Property tax levy and collection information

  1. Budgetary schedules
  2. Auditor’s report
  3. Letter of transmittal
  4. Description of the government’s financial condition
  5. Financial highlights for the fiscal year
  6. Defined benefit pension plan schedules
  7. Required:
  8. The GASB requires that information be reported in certain sections of the CAFR.  For each of the items listed, indicate whether the item would be reported in the following sections and the reason for doing so:
  9. I  –  Introductory section
  10. F –  Financial section

S – Statistical section

MDA  –  MDA portion of the Financial section

RSI – RSI portion of the Financial section

Part B:

Assuming that a government has governmental, proprietary, and fiduciary funds, identify and briefly explain the nine financial statements that must be prepared for the Comprehensive Annual Financial Report.

When conducting a financial analysis, ratios based solely on governmental fund financial statements would not be considered sufficient for assessing economic condition.  Explain why this statement would be true or false.

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