Which of the following is true regarding the governmental fund financial statements?
A) The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances.
B) The governmental fund financial statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting.
C) The governmental fund Balance Sheet reflects the difference of assets minus liabilities as Fund Balance.
D) All of the above are true.

Question

Quizplus · Accepted Answer

All three statements are true regarding the governmental fund financial statements: they include the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances; they are prepared on the current financial resources measurement focus and modified accrual basis of accounting; and the Balance Sheet reflects the difference of assets minus liabilities as Fund Balance.

Which of the Following Is True Regarding the Governmental Fund