On what should the government-wide financial statements report?
A)Net assets and results of financial operations of the government as a whole.
B)Fiscal accountability.
C)The cost of government services.
D)Budgetary compliance.

Question

Quizplus · Accepted Answer

Government-wide financial statements should report on the net assets and results of financial operations of the government as a whole. This provides a comprehensive overview of the government's financial health and its ability to provide services to its citizens. Reporting on fiscal accountability, the cost of government services, and budgetary compliance are important as well, but are secondary to reporting on the overall financial position of the government.

On What Should the Government-Wide Financial Statements Report