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GFOA Exam CPFO Topic 1 Question 88 Discussion

Actual exam question for GFOA's CPFO exam
Question #: 88
Topic #: 1
[All CPFO Questions]

Fund-level financial statements are prepared to present:

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Suggested Answer: C

by Herman at May 23, 2024, 11:53 PM

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Annamaria
15 days ago
Wait, is this a trick question? I feel like the answer should be obvious, but I'm second-guessing myself now. Maybe I need to brush up on my governmental accounting knowledge.
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Frank
24 days ago
As an accountant, I have to say option B is the way to go. That's the whole point of fund-level statements - to provide information on the government's financing activities.
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Salena
28 days ago
Haha, option A sounds like it's trying to be a little too ambitious. I doubt fund-level statements would give both a short and long-term perspective on the whole government's finances.
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Sol
24 hours ago
Yeah, I don't think fund-level statements would cover both short and long-term perspectives.
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Suzi
7 days ago
I think option B makes more sense, focusing on financing activities.
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Wilbert
18 days ago
Option A does seem a bit ambitious, I agree.
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Shawn
1 months ago
Hmm, I was thinking option D, but after reading the question again, I think C makes the most sense. The statements provide a more narrowly focused view than government standards require.
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Ira
8 days ago
I was initially leaning towards option D as well, but now I see that option C is the better choice. The focus is indeed more narrow than government standards.
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Rolland
19 days ago
I also think option C is the correct answer. It makes sense that the statements would be more specific than what is required by government standards.
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Moon
27 days ago
I agree, option C seems to be the most accurate. Fund-level financial statements are more narrowly focused than what government standards mandate.
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Barrett
1 months ago
I'm pretty sure option B is the correct answer here. Fund-level financial statements focus on the financing activities of the government.
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Tammi
2 months ago
I'm not sure, but I think it could also be B) information on financing activities, as that is important for transparency.
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Ben
2 months ago
I agree with Remona, fund-level financial statements should provide a comprehensive view of government finances.
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Remona
2 months ago
I think the answer is A) both a short and long term perspective on governmental finances.
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