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Test: CPA Financial Accounting and Reporting (FAR)
1. | The city of Carlton produces a comprehensive annual financial report which includes general purpose financial statements. Which of the following statements is true? |
Fund-based financial statements must be included but government-wide financial statements are optional
Either fund-based financial statements or government-wide financial statements must be included
Government-wide financial statements must be included but fund-based financial statements are optional
Both fund-based financial statements or government-wide financial statements must be included
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