On what should the governmental fund financial statements report?
A)Net assets and results of financial operations of the government as a whole.
B)Fiscal accountability.
C)Operational accountability.
D)Cost of government services.

Question

Quizplus · Accepted Answer

Governmental fund financial statements should report on fiscal accountability, which refers to the government's ability to generate and manage financial resources in order to meet its obligations and provide services to the public. This includes information on revenues, expenditures, assets, liabilities, and fund balances. The other options (A, C, and D) may be reported in other financial statements or reports, but are not the primary focus of the governmental fund financial statements.

On What Should the Governmental Fund Financial Statements Report