On the government-wide statement of net position,assets and liabilities may be reported:

Question

Quizplus · Accepted Answer

The government-wide statement of net position may report assets and liabilities in either order of relative liquidity or in a classified format. This is because both methods are acceptable in presenting the financial position of the government. However, reporting them separately in columns may cause confusion and make it difficult for users to compare and analyze the information presented.

On the Government-Wide Statement of Net Position,assets and Liabilities May