Obtain a recent CAFR or the Basic Financial Statements of a state or local government (SLG). Study
Question:
1. What information can one learn about the state or local government from the notes that is not apparent from the face of the financial statements?
2. Pretend there were no notes. To what extent would the Basic Financial Statements be less useful? Why?
3. Which notes did you find the most interesting and useful? Why?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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1 Things which are not apparent from the front of financial statement are most of the qualitative fa...View the full answer
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Related Book For 
Governmental and Nonprofit Accounting Theory and Practice
ISBN: 978-0133799569
11th edition
Authors: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
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