Which of the following is true regarding Government-wide financial statements?
A) Prior year data must be presented.
B) A Statement of Cash Flows is not required for Government-wide statements.
C) Depreciation may only be reported as a charge in total to the general government.
D) Fiduciary activities are only reported if they qualify as a major fund.

Question

Quizplus · Accepted Answer

A Statement of Cash Flows is not required for Government-wide statements. Prior year data is optional, depreciation is allocated according to function and fiduciary activities are not included in the government-wide statements.

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