Which of the following is true regarding the government-wide Statement of Net Position?
A) A reporting entity primary government plus component units total column is required.
B) The government-wide Statement of Net Position reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
C) The government-wide Statement of Net Position must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term categories.
D) The government-wide Statement of Net Position includes all resources entrusted to the government; including governmental, proprietary, and fiduciary.

Question

Quizplus · Accepted Answer

Governmental and business-type activities are totaled but component units are separately stated in the government-wide statements. Capital assets are reported net of accumulated depreciation for both governmental and business-type activities in the government-wide statements unless the modified approach is used for reporting infrastructure. The Statement of Net Position may be presented using the classified approach, but it is not required in the government-wide statements. Fiduciary activities are not included in the government-wide statements.

Which of the Following Is True Regarding the Government-Wide Statement