The reconciliation(s)that are required to be presented on the face of the governmental fund financial statements or in separate schedule immediately after the fund financial statements include:

Question

Quizplus · Accepted Answer

Both A and B are required reconciliations that must be presented on the face of the governmental fund financial statements or in separate schedules. The reconciliation from the governmental fund Balance Sheet to the Statement of Net Assets ensures that the fund financial statements and the entity-wide financial statements (including all government-wide financial statements such as the Statement of Net Assets) are consistent with each other. The reconciliation from the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities is needed to link the flow of financial resources (as reported in the fund financial statements) to the economic resources (as reported in the entity-wide, government-wide financial statements).

The Reconciliation(s)that Are Required to Be Presented on the Face