Which of the following financial accounting elements is not common to both the governmental funds and the governmental activities function in the government-wide financial statements?

Question

Quizplus · Accepted Answer

Capital assets are reported in the government-wide financial statements as part of the governmental activities function, but they are not reported in the governmental funds statements. Cash, short-term liabilities, and deferred inflows are common to both the governmental funds and governmental activities functions.

Which of the Following Financial Accounting Elements Is Not Common