What basis of accounting is used to prepare Government-wide financial statements?
A)Modified accrual basis
B)Accrual basis
C)Cash basis
D)Fiduciary basis

Question

Quizplus · Accepted Answer

The government-wide financial statements use accrual basis accounting, which recognizes revenue when earned and expenses when incurred, regardless of whether cash has been exchanged. This provides a more comprehensive and accurate picture of the government's financial position and performance.

What Basis of Accounting Is Used to Prepare Government-Wide Financial