Which of the following reconciliations is required in the basic financial statements of a state or local government?
A)Total fund balances on the balance sheet-governmental funds to total governmental activities net assets on the government-wide statement of net assets.
B)Total net assets on the statement of net assets-proprietary funds to total business-type activities net assets on the government-wide statement of net assets.
C)Total net assets on the statement of fiduciary net assets to total fiduciary activities net assets on the government-wide statement of net assets.
D)Total fund balances on the balance sheet-governmental funds to total changes in fund balances on the statement of revenues,expenditures,and changes in fund balances-governmental funds.

Question

Quizplus · Accepted Answer

The reconciliation from total fund balances on the balance sheet-governmental funds to total governmental activities net assets on the government-wide statement of net assets is required to show the differences between the modified accrual basis used in governmental funds and the full accrual basis used in government-wide statements.

Which of the Following Reconciliations Is Required in the Basic