State governments are required to prepare a Statement of Functional Expenses.
FALSE

Name: State governments are required to prepare a Statement of Functional Expenses. FALSE
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Question

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State governments are required to prepare a Statement of Activities or Statement of Revenues, Expenditures, and Changes in Fund Balances, but not a Statement of Functional Expenses. This requirement may vary by state and may also be dependent on the specific accounting standards the state is following.

State Governments Are Required to Prepare a Statement of Functional