For the following items that require reconciliation between governmental funds f
ID: 2530961 • Letter: F
Question
For the following items that require reconciliation between governmental funds financial statements and governmental activities financial statements at the government-wide level according to GASB standards, indicate which is the best appropriate terms.
May be added to or subtracted from fund balances—governmental funds in arriving at net position of governmental activities.
For the following items that require reconciliation between governmental funds financial statements and governmental activities financial statements at the government-wide level according to GASB standards, indicate which is the best appropriate terms.
Explanation / Answer
1. Capital assets used in governmental activities. - B
2. Long-term liabilities that are not payable in the current period. - A
3. Net position of internal service funds that are primarily governmental in nature. - C
4. Accrued interest payable not due in the current period. - A