Under the GASB Statement No$.34$ reporting model for governmental entities, which

of the following is required?

Only one set of financial statements, prepared on the full accrual basis of

accounting.

Only one set of financial statements, prepared on the modified accrual basis of

accounting.

Two sets of financial statements, one that views the government as a collection

of separate funds and reports using the current financial resources measurement

focus and modified accrual basis of accounting for governmental funds and one

that views the government as a whole by combining all governmental activities

in one column and all business$-$type activities in another column using the full

accrual basis of accounting for both columns.

Two sets of financial statements, one that views the government as a whole

using the current financial resources measurement focus and modified accrual

basis of accounting and one that views the government by function and

combines all governmental activities in one column and all business$-$type

activities in another column using the full accrual basis of accounting for both

columns.