Under GASB standards, if a government only has six governmental funds and two enterprise funds how many basic financial statements would it prepare?
A) Five.
B) Six.
C) Seven.
D) Nine.

Question

Quizplus · Accepted Answer

A government with six governmental funds and two enterprise funds would prepare seven basic financial statements under GASB standards. The financial statements include:

1. Government-wide financial statements (consisting of a statement of net position and a statement of activities);
2. Fund financial statements (separate statements for each governmental fund and each enterprise fund);
3. Notes to the financial statements;
4. Required supplementary information (RSI) other than MD&A for the government-wide financial statements;
5. MD&A for the government-wide financial statements.

Under GASB Standards, If a Government Only Has Six Governmental