In which of the following situations would a component unit be required to prepare a CAFR, not just the basic financial statements?
A. The primary government prepares a CAFR.
B. The component unit will be issuing general obligation bonds in the coming year.
C. The component unit has prepared a CAFR in the past.
D. There are no situations in GAAP where any entity is required to prepare a CAFR.
Question 2
Accrued expenses are ordinarily reported on the balance sheet as
a. assets
b. liabilities
c. fixed assets
d. prepaid expenses
Coding for Special Situations
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Twenty percent of the automobiles inspected at a state inspection station required repairs to ...
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