Which Statement Is False Regarding the Balance Sheet for Fund-Based

question 43

Multiple Choice

Which statement is false regarding the Balance Sheet for Fund-Based Statements?

• A) The Balance Sheet for Fund-Based Statements measures only current financial resources of the governmental entity.
• B) The Balance Sheet for Fund-Based Statements uses the modified accrual method for timing purposes.
• C) Capital assets are not reported on the Balance Sheet for Fund-Based Statements.
• D) The Balance Sheet for Fund-Based Statements measures only long-term financial resources of the governmental entity.
• E) Long-term debts are not reported on the Balance Sheet for Fund-Based Statements.

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