Author Question: For basic financial statements of a local government to be presented fairly in all material ... (Read 50 times)

tuffie · **on:** Jul 5, 2018

For basic financial statements of a local government to be presented fairly in all material respects, the basic financial statements must include an opinion unit for:

A. Governmental activities in the government-wide financial statements.
B. All funds in the special revenue fund type reported together as a unit.
C. Investment trust funds as a unit apart from other fiduciary funds.
D. All agency funds reported together as a unit.

Question 2

Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.
a. True
b. False

Indicate whether the statement is true or false