On What Should the Governmental Fund Financial Statements Report

question 45

Multiple Choice

On what should the governmental fund financial statements report?

• A) Net position and results of financial operations of the government as a whole.
• B) Fiscal accountability.
• C) Operational accountability.
• D) Cost of government services.

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Definitions:

Insurer

An entity that provides insurance policies to individuals or organizations, offering protection against financial loss from specified risks.

Insurance Coverage

Protection provided by an insurance policy against financial losses from specific risks or events.

Contract

A contract that is enforceable by law, detailing the responsibilities and rights among two or more entities.

Statutes

Statutes are laws that have been enacted by a legislative body, such as a parliament or congress.