Common measurement focus and basis of measurement is an important feature of government-wide financial statements.

Question

Quizplus · Accepted Answer

Common measurement focus and basis of measurement is indeed an important feature of government-wide financial statements. This means that all funds and activities of the government are reported using the same basis of accounting, which allows for ease of comparison and consistency in reporting. It also means that the financial statements are prepared using accrual accounting, which recognizes revenues and expenses when they are earned or incurred, regardless of when cash is received or paid.

Common Measurement Focus and Basis of Measurement Is an Important