Which of the following is true regarding the government-wide financial statements?
A) The government-wide financial statements are not required to present prior-year data.
B) The government-wide financial statements include a Statement of Net Position and a Statement of Activities, but not a Statement of Cash Flows.
C) The government-wide financial statements include capital assets, including infrastructure, and reflect depreciation, except for infrastructure using the modified approach.
D) All of the above are true.

Question

Quizplus · Accepted Answer

Prior year balances may be presented but are not required. Government-wide statements include the Statement of Net Position and the Statement of Activities. Statement of Cash Flows is not required. Capital assets are reported net of accumulated depreciation unless the modified approach is used for reporting infrastructure.

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