Answer the following questions

P15-1

(Notes to the Financial Statements) Obtain a recent CAFR or the Basic Financial Statements of a state or local government (SLG).

Required

Study the Basic Financial Statements and related notes, make a copy of or prepare a table of contents to the notes, and answer the following questions from a note disclosure perspective:

· 1.What information can one learn about the state or local government from the notes that is not apparent from the face of the financial statements?

· 2.Pretend there were no notes. To what extent would the Basic Financial Statements be less useful? Why?

· 3.Which notes did you find the most interesting and useful? Why?

· 4.Which notes did you consider less useful? Why?