Which of the following statements is correct with respect to the year-end adjustments for the government wide-statements?
Question:
A) GASB requires a reconciliation from proprietary fund financial statements to the government-wide statements business-activities columns from modified accrual accounting to accrual accounting.
B) GASB Statement No 34 states that general capital assets should not be reported as assets in governmental funds but should be reported in the governmental activities column of net assets.
C) In addition to the fund basis statement, GASB Statement 34 requires government-wide statements that are prepared on the modified accrual basis using the economic resources measurement focus.
D) Fiduciary activities are reported in the government-wide statements in a separate column
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik