Which of the following items are typically reported differently between the governmental fund statements and the Governmental Activities column of the government-wide statements?
A) Capital outlays.
B) Cash collected on property taxes receivable.
C) Accounts payable and other accrued expenses.
D) Inventories.

Question

Quizplus · Accepted Answer

Governmental fund statements use the modified accrual basis, which reports capital outlays as expenditures. In contrast, the government-wide statements use the accrual basis, where capital outlays are capitalized as assets and depreciated over time.

Which of the Following Items Are Typically Reported Differently Between