Which of the following statements is not a required part of the basic financial statements of...

Which of the following statements is not a required part of the basic financial statements of Carlton City? Question 25 options: Government-wide statement of net position. Statement of revenues, expenditures, and changes in fund balances for all governmental funds. Statement of revenues, expenses, and changes in net assets for all fiduciary funds. Statement of cash flows for all proprietary funds.

Solutions

Expert Solution

Answer:

Correct answer is:

Statement of revenues, expenses, and changes in net assets for all fiduciary funds.

Explanation:

Basic Financial statements required are:

Government-wide financial statement:

Statement of net position.
Statement of activities

2. Fund financial statement:

Government fund financial statements:
Balance sheet - Government fund
Statement of revenues, expenditures, and changes in fund balances for all governmental funds

Proprietary fund financial statements:
Statement of net position
Statement of revenues, expenses, and changes in net position
Statement of cash flows

Fiduciary fund financial statements:
Statement of Fiduciary net position
Statement of Changes in Fiduciary net position

As such "Statement of revenues, expenses, and changes in net assets for all fiduciary fund" is not required. All other statements given viz. Government-wide statement of net position, Statement of revenues, expenditures, and changes in fund balances for all governmental funds and Statement of cash flows for all proprietary funds are required.

ekkarill92 answered 1 year ago

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