Which of the Following Is True Regarding the Governmental Fund

question 17

Multiple Choice

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

• A) The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances.
• B) The governmental fund financial statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting.
• C) The governmental fund Balance Sheet reflects the difference of assets minus liabilities as Fund Balance.
• D) All of the above are true.

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