Fund Financial Statements Include Which of the Following for a Governmental

question 32

Multiple Choice

Fund financial statements include which of the following for a governmental fund?

• A) Statement of net position and statement of changes in net position.
• B) Statement of net position, statement of changes in net position, and statement of cash flows.
• C) Balance sheet; statement of revenue, expenditures, and changes in fund balance; and statement of cash flows.
• D) Balance sheet; and statement of revenue, expenses, and changes in fund balance.

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Definitions:

Control

In the context of business, control refers to the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities, often achieved through ownership of more than half of the voting rights or otherwise.

Dividends

Payments made by a corporation to its shareholder members, usually derived from profits.

Mergers

The voluntary amalgamation of two or more corporations to form a new entity, sharing resources, liabilities, and profits.