The Governmental Activities column of the government-wide statement of net assets differs from the General Fund balance sheet in that it reports both current and noncurrent assets and liabilities,reports financial information for all governmental funds,not just the General Fund,and reports net assets rather than fund balances.

Question

Quizplus · Accepted Answer

These are the primary differences discussed on pages 112-114 of the text. Other differences depicted in Illustration 4-1 are format differences and the usual practice of reporting government-wide financial information in a more condensed manner.

The Governmental Activities Column of the Government-Wide Statement of Net