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Harvey Township budgets its resources on the cash basis in accordance with state laws. State law also requires financial statements prepared on the cash basis. To comply with this requirement, Harvey Township prepares the financial statements in its comprehensive annual financial report (CAFR) on the cash basis rather than on the GAAP basis.

a. Discuss the appropriateness of the statements in Harvey Township's CAFR.

b. Explain what, if anything,Harvey Township should change in its CAFR.

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Category:- Accounting Basics
Reference No.:- M9440301

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