Under GASB Statement 34, modified accrual accounting would be found in the:
A) Government-wide financial statements only
B) Governmental fund financial statements only
C) Governmental and fiduciary fund financial statements only
D) Governmental, proprietary and fiduciary fund financial statements but not in the government-wide financial statements

Question

Quizplus · Accepted Answer

Modified accrual accounting is used in governmental fund financial statements only, while full accrual accounting is used in the government-wide financial statements and proprietary and fiduciary fund financial statements.

Under GASB Statement 34, Modified Accrual Accounting Would Be Found