On what should the government-wide financial statements report?
A) Net position and results of financial operations of the government as a whole.
B) Fiscal accountability.
C) The cost of government services.
D) Budgetary compliance.

Question

Quizplus · Accepted Answer

Government-wide financial statements should report on the net position and results of financial operations of the government as a whole. This provides a comprehensive view of the government's financial position and performance, which is important for accountability and decision-making. Reporting on fiscal accountability, the cost of government services, and budgetary compliance are also important, but they are not the primary focus of government-wide financial statements.

On What Should the Government-Wide Financial Statements Report