GASB standards require that governmental fund financial statements include which of the following?
A) Balance sheet.
B) Statement of activities.
C) Statement of cash flows.
D) Both Balance sheet and Statement of activities.

Question

Quizplus · Accepted Answer

GASB (Governmental Accounting Standards Board) standards require that governmental fund financial statements include a balance sheet. The statement of activities is required for government-wide financial statements, not fund financial statements, and the statement of cash flows is associated with proprietary funds, not governmental funds.

GASB Standards Require That Governmental Fund Financial Statements Include Which