With respect to Government-wide financial statements,which of the following is not required by GASB Statement 34?
A) Statement of Net Assets
B) Statement of Cash Flow
C) Statement of Activities
D) All of the above are required by GASB Statement 34

Question

Quizplus · Accepted Answer

GASB Statement 34 requires a government entity to produce a Statement of Net Assets, a Statement of Activities, and a Statement of Cash Flows. Therefore, option D is incorrect. However, option B, the "Statement of Cash Flow," is incorrect because GASB Statement 34 requires a "Statement of Cash Flows," not "Statement of Cash Flow." This is a subtle grammatical difference, but it is an important one. Therefore, the correct answer is B.

With Respect to Government-Wide Financial Statements,which of the Following Is