The fund balance reported in the Governmental Funds Balance Sheet must equal the total net assets in the governmental activities column of the government-wide Statements of Net Assets.

Question

Quizplus · Accepted Answer

The fund balance in the Governmental Funds Balance Sheet does not equal the total net assets in the governmental activities column of the government-wide Statements of Net Assets due to differences in measurement focus and basis of accounting.

The Fund Balance Reported in the Governmental Funds Balance Sheet