The Basic Financial Statements of a City Do Not Include

question 2

Multiple Choice

The Basic Financial Statements of a city do not include which of the following?

• A)Government-wide Statement of Net Assets.
• B)Government-wide Statement of Activities.
• C)Government-wide Statement of Cash Flows.
• D)Separate balance sheets for governmental and proprietary funds.

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Definitions:

Adjusting Entries

Journal entries made in accounting to adjust income and expense accounts so that they comply with the accrual concept.

Journal Entries

Records of financial transactions in the order they occur, which are then posted to the appropriate accounts.

Debits

Entries in accounting that increase an asset or expense account, or decrease equity, liability, or revenue accounts.

Credits

Accounting entries that represent an increase in liabilities or revenues, or a decrease in assets or expenses.