Question

Under GASB standards, financial information useful for assessing operational accountability is primarily reported in which financial statements? Government-wide Financial Statements Fund Financial Statements a. No Yes b. Yes No c. Yes Yes d. No No

Answer 1

Answer: b. Yes; No

Explanation:

The Government Accounting Standards Board (GASB) is simply a non-governmental organization which is private that helps in the creation of accounting reporting standards, for both states in the United States and the local governments.

Under GASB standards, financial information useful for assessing operational accountability is primarily reported in the Government wide financial statements and not the Fund Financial statements.