Required financial statements of funds may include the following,among others:
The financial statements that should be issued by governmental funds and by proprietary funds include the following:

Question

Quizplus · Accepted Answer

Option A is the best choice as it states that the required financial statements for both governmental funds and proprietary funds should be issued. This is because both types of funds have different objectives and activities that require specific financial reporting and disclosure. Governmental funds are concerned with providing public services while proprietary funds are aimed at earning revenue for the government. Therefore, it is important to have separate financial statements for each type of fund to accurately report their financial activities and performance.

Required Financial Statements of Funds May Include the Following,among Others