Which of the Following Statements Is True Regarding Fund Financial

question 46

Multiple Choice

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

• A) Fund financial statements report a government's activities and financial position as a whole.
• B) Fund financial statements should tell the amount spent this year on such services as public safety, education, health and sanitation, and the construction of a new road.
• C) Fund financial statements utilize the accrual basis of accounting much like any for-profit entity.
• D) Fund financial statements help to determine whether the government's overall financial position improved or deteriorated.
• E) Fund financial statements report all assets and liabilities in a way comparable to business-type accounting.

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