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21. Which of the following components is required in the Comprehensive Annual Financial Report? A) Fund Financial Statements B) Govermment-wide financial statements C) Management discussion and analysis D) Both B and C E) A,B,and C 22. Which of the following statements is correct about government-wide financial statements? A) Government-wide statements should display information about the reporting government as a whole, except for its fiduciary activities. The statements should include separate columns for the govermmental and B) business-type activities of the primary govemment as well as for its component units. Government-wide financial statements should be prepared using the economic resources measurement focus and the accrual basis of accounting All of the above are correct. C) D) 23. Which of the following statements about Government-wide financial statements is false? A) Government-wide financial statements display information about individual funds. B) Government-wide financial statements exclude information about fiduciary activities. Government-wide financial statements distinguish between the primary government and its discretely presented component units. Government-wide financial statements distinguish between govemmental activities and business-type activities. C) D) 24. Which of the following best describes a "primary government"? A) Although a primary government has a separately elected governing body, it may B) A primary government, although legally separate, may be fiscally dependent upon C) A primary government must be both legally separate and fiscally independent. not be a legally separate entity another governmental entity. D) The only requirement is for a primary government to have a separately elected governing body; It does not have to be either legally separate or fiscally independent

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