Which of the following is true regarding the governmental fund financial statements? Multiple Choice The Governmental Funds Balance Sheet reflects capital assets and long-term debt The Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total. Both the Governmental Funds Balance Sheet reflects capital assets and long-term debt and the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total are correct. Neither the Governmental Funds Balance Sheet reflects capital assets and long-term debt or the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds (in total), and total is correct