Only governmental fund statements include separate columns for discretely presented component units.

Question

Quizplus · Accepted Answer

Governmental fund statements include separate columns for each major fund. Any funds not reported separately are aggregated and reported in a single column under the label nonmajor funds. When it is determined that an organization is a component unit and must be included in the financial report of a primary government, it can use one of two methods; blending and discrete presentation. Most commonly, separate columns are used to present component units.

Only Governmental Fund Statements Include Separate Columns for Discretely Presented