QUESTION 1 1 points Significant differences exist between fund financial stateme

Question

QUESTION 1 1 points Significant differences exist between fund financial statements and the government-wide financial statements. Select the following statements that are CORRECT regarding those differences OA Discretely presented component units are included in the government-wide O8 Fund financial statements focus on reporting major governmental and enterprise Oc Fund financial statements are prepared using the current resources O Fiduciary funds are included in the fund financial statements, but are not included OE Fund financial statements for governmental funds use the modified accrual basis financial statements, but are not included in the fund financial statements funds, but government-wide financial statements focus on reporting the government as a whole measurement focus, but the government-wide financial statements use the economic resources measurement focus in the government-wide financial statements of accounting, but the activity of those funds is presented in the government-wide financial statements using the full accrual basis of accounting Fund financial statements do not include a statement of cash flows, but the government-wide statements must present a statement of cash flows

Explanation / Answer

Difference between Fund Financial statement and Govt Wide financial statement arises due to component units, Fiduciary statement and location of internal service funds

Ans (D) Fiduciary funds are used to held assets which belong to others for example pension fund etc..Fiduciary funds are included in fund financial statement but not included in Govt wide financial statement.                                                                                                                                                                    

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