Author Question: In the government-wide statement of net position, interfund receivables and payables A. Should ... (Read 86 times)

segrsyd · **on:** Jul 6, 2018

In the government-wide statement of net position, interfund receivables and payables

A. Should not be reported.
B. Should only be reported for balances payable between governmental activities and business-type activities.
C. Can be reported in either the governmental activities or business-type activities columns.
D. Should be eliminated in the governmental activities column but not the business-type activities column.

Question 2

The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility fordeveloping accounting principles.
a. True
b. False

Indicate whether the statement is true or false