Regarding external financial reporting for governmental units, the financial position statement required in the government-wide statements includes both General Capital Assets and General Long-Term Liabilities.

Question

Quizplus · Accepted Answer

In government-wide financial statements, both General Capital Assets and General Long-Term Liabilities are included to provide a comprehensive view of the government's overall financial position, unlike fund financial statements where these items are not reported in governmental funds.

Regarding External Financial Reporting for Governmental Units, the Financial Position