A comprehensive annual financial report (CAFR) prepared in conformity with the GASB recommendations should include which of the following sections?
A. Introductory, MD&A, and financial.
B. Letter of transmittal, management's discussion and analysis (MD&A), and financial.
C. Letter of transmittal, financial, and supplementary.
D. Introductory, financial, and statistical.
Answer: D
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_____ is when a salesperson visits a buyer's home, job site, or other location to sell infrequently purchased products or services.
A. Telemarketing B. Home shopping C. Repetitive person-to-person selling D. Party plans E. Nonrepetitive person-to-person selling
Which of the following is true regarding the fiduciary fund financial statements?
A. Fiduciary fund financial statements reflect equity as reserved and unreserved. B. Fiduciary fund financial statements include the Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position. C. Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. D. Agency funds are reported only on the Statement of Changes in Fiduciary Net Position.
In 2020, the Allen Company had consulting revenues of $1,000,000 while operating costs were $750,000. In 2021, Allen will be introducing a new service that will generate $150,000 in sales revenues and $60,000 in operating costs. Assuming no changes are expected for the other services, the differential revenue for 2021 will be:
A. $60,000. B. $90,000. C. $250,000. D. $150,000.