Question

Select all that apply

The governmental fund Balance Sheet ______.

a) uses the same basis of accounting as the government-wide Statement of Net Position

b) must reconcile total funds balance to total net position on the Statement of Net Position

c) must include a total column

Answer 1

All three options apply for the governmental fund balance sheet.

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Government fund balance sheet and statement of net position is very similar in basis of accounting.

It must include a total column at the extreme right end.

Fund balance and net position are the difference between fund assets + deferred outflows and liabilities + deferred inflows reflected on the balance sheet or statement of net position.

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