12. Which of the following is required by the Governmental Accounting Standards Board (GASB)? O a) Only one set of financial statements, prepared using the accrual basis of accounting. O b) Only one set of financial statements, prepared using the modified accrual basis of accounting. O c) Two sets of financial statements: • one that views the government as a collection of separate funds and reports using the current financial resources measurement focus and modified accrual basis of accounting for governmental funds;
12. Which of the following is required by the Governmental Accounting Standards Board (GASB)? O a) Only one set of financial statements, prepared using the accrual basis of accounting. O b) Only one set of financial statements, prepared using the modified accrual basis of accounting. O c) Two sets of financial statements: • one that views the government as a collection of separate funds and reports using the current financial resources measurement focus and modified accrual basis of accounting for governmental funds;
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:12. Which of the following is required by the Governmental Accounting Standards Board (GASB)?
O a) Only one set of financial statements, prepared using the acerual basis of accounting.
b) Only one set of financial statements, prepared using the modified acerual basis of accounting.
c) Two sets of financial statements:
• one that views the government as a collection of separate funds and reports using the current
financial resources measurement focus and modified accrual basis of accounting for governmental
funds;
AND
• one that views the government as a whole by combining all governmental activities in one column
and all business-type activities in another column using the acerual basis of accounting for both columns.
d) Two sets of financial statements:
• one that views the government as a whole using the current financial resources
measurement focus and modified accrual basis of accounting:
AND
• one that views the government by function and combines all governmental activities in
one column and all business-type activities in another column using the accrual basis of accounting for both
columns.
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