## Reconciliation of Governmental ActivitiesA reconciliation must be shown of the items that cause the difference between the total net position that are reported for the governmental activities on the **government-wide** statement of net position, and the total of the fund balances that appear on the balance sheet for the **governmental funds**. Which of the following items would be included in this reconciliation?I. Long-term liabilities related to governmental activitiesII. Long-term assets used in governmental activities**Options:**- **A)** II only.- **B)** Both I and II.- **C)** I only.- **D)** Neither I nor II.

A government wide financial statement refers to the detailed summary of the government funds which…

A reconciliation must be shown of the items that cause the difference between the total net position that are reported for the governmental activities on the government-wide statement of net position, and the total of the fund balances that appears on the balance sheet for the governmental funds. Which of the following items would be included in this reconciliation? I. Long-term liabilities related to governmental activities II. Long-term assets used in governmental activities A) Il only. B) Both I and II. I only. D) Neither I nor II.

A reconciliation must be shown of the items that cause the difference between the total net position that are reported for the governmental activities on the government-wide statement of net position, and the total of the fund balances that appears on the balance sheet for the governmental funds. Which of the following items would be included in this reconciliation? I. Long-term liabilities related to governmental activities II. Long-term assets used in governmental activities A) Il only. B) Both I and II. I only. D) Neither I nor II.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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