QUESTION 2 Which of the following statements are true regarding the government-w

Question

QUESTION 2 Which of the following statements are true regarding the government-wide financial statements? (Choose all that apply) A. General obligation bonds issued by governmental funds will be presented as liabilities in the governmental-activities column of the statement of net positon. D B. Differences between the government-wide financial statement amounts and amounts reported in enterprise funds must be explained reconciations. c. The total assets held by pension trust funds are reported in either governmental-activities or business-type activities, as appropriate, in the government-wide the statement of net position. -The statement of activities presents net expenses from each function or program first in the upper section of the statement. E. The financial data of enterprise funds is consolidated to produce business-gype activities. - F. Internal service fund activity is always included in business-type activities. G Capital assets of governmental funds are recorded and depreciated in the government-wide financial statements. HRevenue from park admission fees would be classified as 'charges for services" and would offset total culture and recreation expenses to arrive at net expenses for culture and recreation on the statement of activities

Explanation / Answer

The following statements are true regarding the government-wide financial statements:

A. General obligation bonds issued by the governmental funds will be presented as liabilities in the governmental activities column of the net positions.

E. The financial data of enterprise funds is consolidated to produce business-type activities.

G. capital assets of the governmental funds are recorded and depreciated in the government- wide financial statements.

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