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Review the Comprehensive Annual Financial Report (CAFR) for 2021 from the city of Cedar Falls, Iowa, and answer the following questions.
1. Explain how Cedar Falls follows the Government Accounting Standards Board (GASB) Statement No. 34. Create a brief outline that showcases the flow.
2. Read the Management Discussion and Analysis (MD&A) section and describe 2 or more significant areas that were addressed by management.
3. From the Notes of the Financial Statements describe which accounting policies are being utilized by the city.
4. What did you discover in the Statistical Section?
o How is the city doing? Provide an analysis. (Financial Trends )
o Examine the funds and discuss how they are being utilized by Cedar Falls. Include some examples of items that would be included in these funds and any restrictions that might apply.
5. Define and give examples of the infrastructure assets that are held by Cedar Falls.
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