F10 - M7 - Notes and Supplemental Information

Question 1

_____ must be an easily readable summary of the financial statements and will likely include a
description of major initiatives and analyze material variances.

Answer 1

MD&A

Question 2

Notes to the financial statements are essential to fair presentation and focus on the primary government, specifically

Answer 2

governmental activities, business type activities, major funds, and nonmajor funds in aggregate, as well as additional information regarding discretely presented component units.

Question 3

Required supplementary information other than MD&A may include _________

Answer 3

pension data, infrastructure data, and budgetary comparisons of the original and final budgets as well as the actual amounts.

Question 4

___________ statements and _______ computations is optional.

Answer 4

Combining statements for nonmajor funds; variance