Under the GASB Statement No$.34$ reporting model, 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, the general and proprictary fund statements

prepared on the full accrual method and the government$-$wide on cash basis.

Two sets of financial statements, the general fund statement on modified accrual, the

proprietary fund and the government$-$wide statements on full accrual.