act401 1

Submit your responses to the following questions in a 1 2 page summary MSWord document. Label each question clearly. For written answers.

  1. How does the modified accrual basis of accounting differ from the accrual basis?
  2. What are the three sections of a comprehensive annual financial report (CAFR)? What information is contained in each section? How do the minimum requirements for general purpose external financial reporting related in scope to the CAFR?
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