When government entities prepare financial statements using accrual basis the focus is on all economic resources to assist in long-term financial and operational accountability.

Question

Quizplus · Accepted Answer

When government entities prepare financial statements using accrual basis, the focus is on capturing all economic resources (assets) and obligations (liabilities) regardless of when cash is received or paid. This assists in long-term financial and operational accountability.

When Government Entities Prepare Financial Statements Using Accrual Basis the Focus