Which of the following is true regarding the governmental fund financial statements?
A) The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances.
B) The governmental fund financial statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting.
C) The governmental fund Balance Sheet reflects the residual equity as Fund Balance.
D) All of the above are true.

Question

Quizplus · Accepted Answer

The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances and are prepared on the current financial resources measurement focus and modified accrual basis of accounting. The excess of assets and deferred outflows over liabilities and deferred inflows is labeled fund balance for a governmental fund.

Which of the Following Is True Regarding the Governmental Fund