Under GASB Statement 34, accrual accounting is used for:
A) Government-wide financial statements only
B) Government-wide financial statements and proprietary fund financial statements only
C) Government-wide, proprietary fund and fiduciary fund financial statements only
D) Government-wide and all fund financial statements

Question

Quizplus · Accepted Answer

GASB Statement 34 requires accrual accounting for government-wide, proprietary fund, and fiduciary fund financial statements, but not for governmental fund financial statements, which use modified accrual accounting.

Under GASB Statement 34, Accrual Accounting Is Used For