Regarding external financial reporting for governmental units, interfund balances and transactions are usually eliminated in presenting the government-wide statements.

Question

Quizplus · Accepted Answer

In government-wide financial statements, interfund balances and transactions are typically eliminated to present a consolidated view of the government's financial position, as these statements aim to provide information about the reporting government as a whole, rather than its individual parts.

Regarding External Financial Reporting for Governmental Units, Interfund Balances and Transactions