Which of the following is true regarding the government-wide statements?
A) The government-wide statements include a Statement of Net Assets and a Statement of Activities.
B) The governmental activities portion of the government-wide statements is prepared using the current financial resources measurement focus and modified accrual basis of accounting.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

The government-wide statements do include a Statement of Net Assets and a Statement of Activities.

Answer: B
 The governmental activities portion of the government-wide statements is prepared using the economic resources measurement focus and accrual basis of accounting, not the current financial resources measurement focus and modified accrual basis of accounting.

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