Governmental-Wide financial statements use the economic resources measurement focus and the accrual basis of accounting.

Question

Quizplus · Accepted Answer

Government-Wide financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. This means that the financial statements report transactions in the fiscal period in which they occurred, regardless of when the cash was exchanged, and focus on the resources available to the government, rather than just cash receipts and disbursements.

Governmental-Wide Financial Statements Use the Economic Resources Measurement Focus and the Accrual