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:

Aboth a short and long term perspective on governmental finances.

Binformation on financing activities.

Cinformation that is more narrowly focused than mandated by government standards.

Da detailed short term view of government services.

Show Suggested Answer

Suggested Answer: C

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

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Annamaria

1 months 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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Malcom

9 days ago

User 2: I think the answer is A) both a short and long term perspective on governmental finances.

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Renea

13 days ago

User 1: Don't second-guess yourself, just go with your gut.

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Frank

1 months 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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Dalene

3 days ago

I see your point, but I still think option B is the primary focus when preparing fund-level financial statements.

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Hildred

5 days ago

I think option A is also important because it gives a comprehensive view of governmental finances.

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Tammy

17 days ago

I agree, option B is definitely the most important aspect of fund-level financial statements.

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Salena

1 months 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

17 days ago

Yeah, I don't think fund-level statements would cover both short and long-term perspectives.

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Suzi

24 days ago

I think option B makes more sense, focusing on financing activities.

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Wilbert

1 months ago

Option A does seem a bit ambitious, I agree.

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Shawn

2 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

24 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

1 months 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

1 months 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

2 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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