Which of the following is true regarding Government-wide financial statements?
A) A Statement of Cash Flows is not required for Government-wide statements.
B) Prior year data must be presented
C) Depreciation can be reported in the statements or disclosed in footnotes.
D) Fiduciary activities are only reported if they qualify as a major fund.

Question

Quizplus · Accepted Answer

Government-wide financial statements do not require a Statement of Cash Flows. They focus on the overall financial position and activities of the government as a whole, using accrual accounting.

Which of the Following Is True Regarding Government-Wide Financial Statements