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A state government's Comprehensive Annual Financial Report (CAFR) contains a reconciliation statement that reconciles the statement of revenues, expenditures, and changes in fund balances of

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A state government's Comprehensive Annual Financial Report (CAFR) contains a reconciliation statement that reconciles the statement of revenues, expenditures, and changes in fund balances of governmental funds, which is prepared on the modified accrual basis of accounting, to the statement of net position, which is prepared on the accrual basis of accounting. True False

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