A)The CAFR has three main sections: introductory, financial, and statistical. B)Required Supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget (unless a statement is prepared).
What is considered required supplementary information?
Required supplementary information (RSI) is information that a designated accounting standard-setter (e.g., FASB, GASB) requires to accompany the basic financial statements. RSI is not part of the basic financial statements. (See AU-C 730 for more guidance about required supplementary information.)
What types of supplemental information are included in the CAFR?
Required supplementary information consists of statements, schedules, statistical data, or other information that GASB has determined is necessary to supplement, although not required to be a part of, the general purpose financial statements of a governmental entity.
Which of the following is included in the governmental fund statements?
A) The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances.
What is included in RSI?
RSI generally includes schedules, statistical data, and other information. If the government prepares comparative financial statements, the RSI should include information for both years with exception of the MD&A which should include three-year data in the condensed financial statements.
What are the three major sections of the Comprehensive Annual financial report?
The CAFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity’s basic financial statements as well as notes to the statements and the independent auditors’ report.
What is an example of supplementary information?
An example of supplementary information is an expanded table containing the details for any line item in the financials. Thus, a breakdown of the cost of goods sold could be presented, or a breakdown of the components of the fixed assets line item.
Is MD&A considered supplementary information?
30 The management discussion and analysis (MD&A) should provide the users with an introductory narrative, overview and analysis of the basic financial statements. Although it is required supplementary information, it should be presented first – before the basic financial statements.
What are the three section of a Comprehensive Annual Financial Report?
The Annual Comprehensive Financial Report (ACFR) is presented in three sections: Introductory, Financial, and Statistical.
What should be the government-wide financial statement report on and why?
The government-wide statements bring the financial activity together in one place and report accrual-based economic resources information. The government-wide statements organize information by whether it relates to governmental activities or business-type activities.
What is a good RSI to buy?
Traditional interpretation and usage of the RSI dictates that values of 70 or above suggest that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective price pullback. An RSI reading of 30 or below indicates an oversold or undervalued condition.
What is RSI and MACD?
RSI vs. MACD. The RSI and MACD are both trend-following momentum indicators that show the relationship between two moving averages of a security’s price. The MACD measures the relationship between two EMAs, while the RSI measures price change in relation to recent price highs and lows.
What are the main components in comprehensive financial reports?
It is composed of three sections: Introductory, Financial and Statistical. It combines the financial information of fund accounting and Enterprise Authorities accounting.
What are the contents of comprehensive financial reporting?
Notes to Financial Statements Types of goods or services provided by the segment. Condensed statement of net position. Condensed statement of revenues, expenses, and changes in net position. Condensed statement of cash flows.
What are the supplementary materials?
Supplementary material typically includes relevant material that does not form part of the main article, which may include additional data such as computer code, large tables, additional figures or appendices.
What does it mean to be supplementary?
1 : added or serving as a supplement : additional supplementary reading. 2 : being or relating to a supplement or a supplementary angle.
What is the purpose of a Comprehensive Annual Financial Report?
The purpose of a CAFR is to be transparent about the use of taxpayers’ money and to give the public a detailed accounting of all expenditures. A CAFR accomplishes this by including dozens of basic and more intricate financial reports along with notes, narratives and supporting data.
Which function or program has the highest net cost?
Investment in capital assets has the highest net cost What kinds of general revenues are available to cover the net cost of governmental activities?