All of the following are elements of the statement of financial condition for state and local governments with the exception of:
A)Assets and Liabilities
B)Deferred inflow and outflow of resources
C)Net position
D)Inflow and outflow of resources

Question

Quizplus · Accepted Answer

The inflow and outflow of resources are not typically included in the statement of financial condition for state and local governments, but instead are shown in the statement of revenues, expenses, and changes in net position. The other elements listed (assets and liabilities, deferred inflow and outflow of resources, and net position) are typically included in the statement of financial condition.

All of the Following Are Elements of the Statement of Financial