The Governmental Accounting Standards Board (GASB) Requires State and Local

Multiple Choice

The Governmental Accounting Standards Board (GASB) requires state and local governments to prepare two sets of financial statements which include:

A) Fund financial statements and proprietary financial statements.
B) Proprietary financial statements and fund- based financial statements.
C) Fund financial statements and government-wide financial statements.
D) GAAP-based financial statements and government-wide financial statements.
E) Statement of net assets and statement of cash flows.