Explain why some transactions for governmental activities at the government$-$wide level are reported differently than

transactions for the General Fund. Give some examples of transactions that would be recorded in the general journals of

$($a$)$ only the General Fund, $($b$)$ only governmental activities at the government$-$wide level, and $($c$)$ both.

Select all of the true statements below.

Check All That Apply

Under the GASB financial reporting model, governmental activities are reported on a long$-$term

perspective at the government$-$wide level using the economic resources measurement focus and the

accrual basis of accounting, similar to business accounting.

Current and noncurrent assets and liabilities, as well as deferred inflows and outflows of resources, are

reported on the statement of net position.

Revenues, and expenses recognized on the accrual basis, are reported on the statement of activities.

General Fund reports on a short$-$term perspective using the current financial resources measurement

focus and the modified accrual basis of accounting.

General Fund reports only current liabilities, and deferred inflows and outflows of resources. Revenues

and expenditures and other financing sources and uses, recognized on the modified accrual basis, are

reported on the statement of revenues, expenditures, and changes in fund balances.