Which of the following is true regarding the governmental fund financial statements? Multiple Choice The Governmental Funds Balance Sheet reflects capital assets and long-term debt. The Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total. Neither the Governmental Funds Balance Sheet reflects capital assets and long-term debt or the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total is correct. Both the Governmental Funds Balance Sheet reflects capital assets and long-term debt and the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total are correct.

Question

Social Studies

Jordan Lutz

17 February, 14:33

Which of the following is true regarding the governmental fund financial statements? Multiple Choice The Governmental Funds Balance Sheet reflects capital assets and long-term debt. The Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total. Neither the Governmental Funds Balance Sheet reflects capital assets and long-term debt or the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total is correct. Both the Governmental Funds Balance Sheet reflects capital assets and long-term debt and the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total are correct.

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Answers (1)

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Camryn Cox · Answer 1

Answer: The Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total.

Explanation:

The balance sheet and the statement of revenues, expenditures, and changes in fund balances are the two financial statements required for the governmental funds.

Major funds are those that surpass a specific limit and require separate reporting. Governments can display smaller government funds separately if they are deemed important to the government. On financial statements, the remaining "non-major" funds are aggregated in a single column.