Ask Question
12 April, 09:27

Which of the following financial statements must special-purpose governments include in their financial statements if the special purpose government is engaged in both governmental and business-type activities or in more than one governmental activity? Multiple Choice a. Government-wide financial statements. b. Fund basis financial statements. c. Both of the above. d. Neither of the above.

+3
Answers (1)
  1. 12 April, 10:34
    0
    C) Both of the above.

    a. Government-wide financial statements. b. Fund basis financial statements.

    Explanation:

    Government wide financial statements basically include all the government's funds and accounts. They are generally reported all the financial transactions of the government during the year.

    Fund based financial statements generally only report a specific fund's financial statement. The accounting basis for each fund might vary depending on the specific fund which is being reported. they also provide more detailed information about the specific activities included in the fund.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which of the following financial statements must special-purpose governments include in their financial statements if the special purpose ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers