Under GASB standards,an internal service fund should prepare all of the following financial statements except for a

Question

Quizplus · Accepted Answer

Internal service funds, under GASB standards, are required to prepare a statement of revenues, expenses, and changes in net assets, a statement of net assets, and a statement of cash flows. They do not prepare a statement of revenues, expenditures, and changes in fund balance, which is used for governmental funds.

Under GASB Standards,an Internal Service Fund Should Prepare All of the Following