Which of the following statements concerning deriving government-wide financial statements is true?

a. Adjustments made to convert governmental funds to governmental activities are posted to the general ledger.

b. The worksheet approach to deriving government-wide financial statements is required by GAAP.

c. Net assets does not reflect spendable equity.

d. Activities of an Internal Service Fund do not affect the government-wide financial statements.

e. All of the above statements are false.