Which of the following statements is FALSE?
A. A complete CAFR includes combining financial statements to reflect major funds.
B. The three major sections of a CAFR are the Introductory, Financial, and Statistical sections.
C. State and local governments are not required to prepare a CAFR.
D. The General Fund is NOT always considered to be a major fund when preparing fund basis financial statements.
E. With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful.
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