The city of Basicville is preparing its basic financial statements in conformity with GASB 34. The readers of Basicville's government-wide financial statements prepared as part of the basic financial statements should expect to find information about all of the assets, liabilities, revenues, expenses, and gains and losses of the city in:
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a. | A balance sheet, income statement and statement of cash flows using the capital maintenance measurement focus and the accrual basis of accounting. | |
b. | A statement of comprehensive public accountability prepared on the cash basis. | |
c. | A statement of net position and a statement of activities using the economic resources measurement focus and the accrual basis of accounting. | |
d. | A statement of financial position, statement of revenues, expenditures and changes in fund balance, and statement of cash flows using various measurement focuses and methods of accounting as appropriate to each fund type. |
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