Which of the following is true regarding the government-wide statements?
A) The governmental activities portion of the government-wide statements is prepared using the current financial resources measurement focus and modified accrual basis of accounting.
B) The government-wide statements include a Statement of Net Position and a Statement of Activities.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

The government-wide statements do include a Statement of Net Position and a Statement of Activities. However, A is incorrect because the governmental activities portion of the government-wide statements is actually prepared using the economic resources measurement focus and full accrual basis of accounting.

Which of the Following Is True Regarding the Government-Wide Statements