ACC 410 WEEK 7 QUIZ 5
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Issues of Reporting, Disclosure, and Financial Analysis
TRUE/FALSE (CHAPTER 11)
- Governments must combine their blended component units into both the fund and government-wide statements.
- Governments must combine their discretely presented component units into both the fund and the government-wide statements.
- A related organization is a contractual arrangement whereby two or more participants agree to carry out a common activity and share its risks and rewards.
- A primary government can impose its will on a potential component unit if it has the authority to modify or approve the unit’s budget.
- The comprehensive annual financial report (CAFR) is divided into three main sections: the table of contents section, the auditors’ report section, and the financial section.
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