Which of the following is a required basic financial statement for the Government-Wide reporting of a state or local government?

Answer options:

Statement of Revenues, Expenditures, and Changes in Fund Balances

Statement of Cash Flows

Statement of Net Position

Budgetary Comparison Schedule

How to approach this question

Government-Wide = Accrual Basis. Statement of Net Position (Balance Sheet) and Statement of Activities (Income Statement).

Full Answer

C.Statement of Net Position✓ Correct

The basic government-wide financial statements are the Statement of Net Position and the Statement of Activities. These report on the government as a whole using the economic resources measurement focus and accrual basis of accounting.

Common mistakes

Confusing Fund statements with Government-Wide statements.

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