Which of the following is true regarding the governmental fund statements?
A) The governmental fund statements include discretely presented component units that are governmental in nature.
B) The governmental fund statements are prepared using the current financial resources measurement focus and modified accrual accounting.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

The governmental fund statements are prepared using the current financial resources measurement focus and modified accrual accounting. Discretely presented component units are not included in the governmental fund statements.

Which of the Following Is True Regarding the Governmental Fund