In accounting for governmental funds,which of the following items could appear only on government-wide financial statements?
A) I only
B) I and II
C) I and III
D) I, II, III

Question

In accounting for governmental funds,which of the following items could appear only on government-wide financial statements? 
A) I only 
B) I and II 
C) I and III 
D) I, II, III

Quizplus · Accepted Answer

Item III (expenditures of proprietary funds) would not appear on government-wide financial statements as proprietary funds are reported only in the financial statements for proprietary funds. Therefore, only Items I (capital assets) and II (long-term liabilities) would appear on government-wide financial statements.

In Accounting for Governmental Funds,which of the Following Items Could