Which of the following is true regarding the governmental fund financial statements?
A) The governmental fund financial statements include the Balance Sheet and the Statement of Revenues, Expenditures and Changes in Fund Balances
B) The governmental fund financial statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting
C) The governmental fund Balance Sheet reflects Fund Balances as reserved and unreserved
D) All of the above are true

Question

Quizplus · Accepted Answer

All of the statements are true regarding the governmental fund financial statements. The Balance Sheet and the Statement of Revenues, Expenditures and Changes in Fund Balances are included in the statements. The statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting. The Balance Sheet reflects Fund Balances as reserved and unreserved.

Which of the Following Is True Regarding the Governmental Fund