When preparing government-wide financial statements, the modified accrual basis governmental funds are adjusted for all of the following events except?

Question

Quizplus · Accepted Answer

Governmental funds are adjusted for capital asset related transactions, long-term debt related transactions, converting revenues and expenses to the accrual basis, adding internal service funds and eliminating interfund activities.

When Preparing Government-Wide Financial Statements, the Modified Accrual Basis Governmental