The Governmental Accounting Standards Board (GASB) Requires State and Local

The Governmental Accounting Standards Board (GASB) requires state and local governments to prepare two sets of financial statements which include:

A) Fund financial statements and proprietary financial statements.
B) Proprietary financial statements and fund- based financial statements.
C) Fund financial statements and government-wide financial statements.
D) GAAP-based financial statements and government-wide financial statements.
E) Statement of net assets and statement of cash flows.