The government-wide financial statements are prepared using the economic resources measurement focus and accrual basis of accounting.

Question

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The government-wide financial statements are prepared using the economic resources measurement focus and accrual basis of accounting. This means that they report the government's assets and liabilities, including long-term assets such as infrastructure and pensions, as well as revenues and expenses, even if they have not yet been received or paid out. This method of accounting provides a more complete and accurate picture of the government's financial position and performance.

The Government-Wide Financial Statements Are Prepared Using the Economic Resources