What is the general rule regarding the reporting of special items in fund-level financial statements?
A)They should be displayed separately in the operating statements prepared for governmental and proprietary funds.
B)They should be reported as part of expenditures or expenses in operating statements.
C)They should be displayed as separate items in proprietary fund operating statements,but not in governmental fund operating statements.
D)They should be included as part of revenues in fund operating statements.

Question

Quizplus · Accepted Answer

Special items are significant transactions or events that are within the control of management and are either unusual in nature or infrequent in occurrence. They should be displayed separately in the operating statements prepared for both governmental and proprietary funds to ensure transparency and provide a clear understanding of the fund's financial activities.

What Is the General Rule Regarding the Reporting of Special