In accounting for governmental funds,which of the following items could appear only on governmentwide financial statements?
I.Fixed assets
II.Long-term debt
III.Investments
A)I only
B)I and II
C)I and III
D)I,II,III

Question

Quizplus · Accepted Answer

Fixed assets and long-term debt could appear on both governmentwide financial statements and governmental fund financial statements, but investments would only appear on governmentwide financial statements. This is because governmental fund financial statements only report current assets and liabilities, while investments are considered long-term assets.

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