Under the GASB Statement No

question 26

Multiple Choice

Under the GASB Statement No. 34 reporting model, which of the following is required?

• A) Only one set of financial statements, prepared on the full accrual basis of accounting.
• B) Only one set of financial statements, prepared on the modified accrual basis of accounting.
• C) Two sets of financial statements, the general and proprietary fund statements prepared on the full accrual method and the government-wide on cash basis.
• D) Two sets of financial statements, the general fund statement on modified accrual, the proprietary fund and the government-wide statements on full accrual.