TheACFR(formerly CAFR) is the primary source for a state’s annual financial information, including liability and cash flow data.
It provides comprehensive financial statements, including the balance sheet, statement of activities, and cash flow statements.
Explanation of Answer Choices:
A. PAR: ThePerformance and Accountability Report (PAR)focuses on federal agencies and includes performance goals and achievements but lacks detailed liability and cash flow data for states.
B. ACFR: Correct. The ACFR is the best source for detailed liability and cash flow data at the state level.
C. Appropriations bill: Provides legislative authority for spending but does not include detailed financial data.
D. Statement of activities: This is part of the ACFR but does not include all necessary cash flow or liability data.
References:
Government Finance Officers Association (GFOA),Best Practices for ACFR Reporting.
Chosen Answer:
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