In which of the following situations would a component unit be ...

[Hungry!]

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

[cassie_ragen]

Answer to Question 1

D

Answer to Question 2

b