Question: In accordance with GASB 34, Basic Financial Statementsand Managements Discussion and Analysis for State and Local Governments, which of the following statements is(are) true regarding

In accordance with GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—

for State and Local Governments, which of the following statements is(are) true regarding the statement of cash flows?

I. The statement of cash flows is a government-wide financial statement.

II. The statement of cash flows reports cash flows from three activities—operating, investing, and financing.

a. I only.

b. II only.

c. Both I and II.

d. Neither I nor II.

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