The government-wide statement of net assets uses the same measurement focus and basis of accounting used by the General Fund balance sheet.

Question

Quizplus · Accepted Answer

GASB standards require that the government-wide statement of net assets be prepared using the economic resources measurement focus and accrual basis of accounting. By contrast, the governmental funds balance sheet is prepared on the current financial resources measurement focus and modified accrual.

The Government-Wide Statement of Net Assets Uses the Same Measurement