Which of the following statements is true regarding governmental fund financial

Question

Which of the following statements is true regarding governmental fund financial statements?

Multiple Choice

A)Governmental fund financial statements report a government's activities and financial position as a whole.

B) Governmental fund financial statements should tell the amount spent this year on such services as public safety, education, health and sanitation, and the construction of a new road.

C) Governmental fund financial statements utilize the accrual basis of accounting much like any for-profit entity.

D) Governmental fund financial statements help to determine whether the government's overall financial position improved or deteriorated.

E) Governmental fund financial statements report all assets and liabilities in a way comparable to business-type accounting.

Explanation / Answer

Governmental fund financial statements report a government's activities and financial position as a whole. Option A is correct

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