In addition to the notes,what are the components of the "basic" governmental financial statements?
A)balance sheets and cash flow statements
B)modified accrual financial statements and full accrual financial statements
C)fund financial statements and government-wide financial statements
D)major fund financial statements and minor fund financial statements

Question

Quizplus · Accepted Answer

The basic governmental financial statements consist of fund financial statements and government-wide financial statements. The fund financial statements provide information on individual funds and are prepared using the modified accrual basis of accounting, while the government-wide financial statements provide information on the overall financial position of the government and are prepared using the full accrual basis of accounting. balance sheets, cash flow statements and major/minor fund financial statements are sub-components of these basic financial statements.

In Addition to the Notes,what Are the Components of the "Basic