University of Mississippi ACCY ACCY 402 A. A U.K. company that reports using IFRS plans on acquiring a building from a U.S. company, at a price denominated in U.S. dollars. The U.K. company…
. A state’s governmental funds balance sheet at fiscal year-end reports total liabilities of $20 billion. The state’s government-wide statement of net position at fiscal year-end reports total liabilities of governmental activities of $200 billion.
What is likely to be the major reason for the large discrepancy between these two numbers?
|A.||The government-wide statement reports deferred outflows from bond refundings while the governmental funds statement does not.|
|B.||The government-wide statement reports bond and pension liabilities of governmental funds while the governmental funds statement does not.|
|C.||The government-wide statement reports amounts due to other governments and agencies while the governmental funds statement does not.|
|D.||The government-wide statement includes internal service fund liabilities while the governmental funds statement does not.|
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