Which financial statements are required to be prepared for governmental funds in the fund-level financial statements?
A)balance sheet and statement of cash flows
B)balance sheet and statement of revenues,expenditures,and changes in fund balances
C)statement of fiduciary net assets and statement of revenues,expenditures,and changes in fund balances
D)balance sheet and statement of revenues,expenses,and changes in fund net assets

Question

Quizplus · Accepted Answer

The balance sheet and statement of revenues, expenditures, and changes in fund balances are required to be prepared for governmental funds in the fund-level financial statements. The statement of cash flows and statement of fiduciary net assets are not required for governmental funds. The statement of revenues, expenses, and changes in fund net assets is not a recognized financial statement format for governmental funds.

Which Financial Statements Are Required to Be Prepared for Governmental