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

Question

Quizplus · Accepted Answer

The government-wide financial statements include the Statement of Net Assets and the Statement of Activities, as well as the Statement of Changes in Net Assets.

Answer: D
 Option B is incorrect because the government-wide financial statements are prepared using the economic resources measurement focus and the full accrual basis of accounting, not the current financial resources measurement focus and modified accrual basis.

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