Which of the following statements is not a required part of the basic financial statements of Carlton City?
A) Government-wide statement of net position.
B) Statement of revenues, expenditures, and changes in fund balances for all governmental funds.
C) Statement of revenues, expenses, and changes in net assets for all fiduciary funds.
D) Statement of cash flows for all proprietary funds.

Question

Quizplus · Accepted Answer

Statement C is incorrect because the statement of revenues, expenses, and changes in net assets for all fiduciary funds is not a required part of the basic financial statements for a government entity. Fiduciary activities are reported in the fiduciary fund financial statements, but these do not include a statement of revenues, expenses, and changes in net assets as part of the basic financial statements.

Which of the Following Statements Is Not a Required Part