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. 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. 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.
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