Recently effective accounting standards require the preparation of two separate sets of financial statements. The first set of fund financial statements are similar to the historical fund based reporting model. Which of the following statements is false concerning the additional financial statements that are now required?

Question

Quizplus · Accepted Answer

The operations performed by a government to provide goods and services for citizens who are legally entitled to receive them are not intended to generate a profit. Therefore, the statements are not designed to report on the potential profitability of the resources collected.

Recently Effective Accounting Standards Require the Preparation of Two Separate