Which of the following is true regarding the governmental fund statements?
A) The Governmental Funds Balance Sheet does not reflect capital assets or long-term debt.
B) The Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds in total, and total.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

The governmental fund statements are prepared using the current financial resources measurement focus and the modified accrual basis of accounting. For this reason, capital assets and long-term debt do not appear on the balance sheet. The Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for each major fund, a column for the total non-major funds combined, and total column.

Which of the Following Is True Regarding the Governmental Fund