Which financial statement would you consult to compare current and noncurrent assets and liabilities across all government activities?

• A. Government-wide Statement of Net Position
• B. General Fund Balance Sheet
• C. Statement of Revenues, Expenditures, and Changes in Fund Balance
• D. Statement of Cash Flows

Answer: (A)

Government-wide financial statements provide the consolidated view of a government's assets and liabilities across all activities, shown on a full accrual basis. This makes it possible to compare current and noncurrent assets and liabilities for governmental and business-type activities in one place.

The government-wide Statement of Net Position is the best source because it presents both current and noncurrent assets and liabilities for all activities and reports the net position, giving a complete snapshot of the government’s financial position. In contrast, the General Fund Balance Sheet is fund-specific and focuses on current resources, not noncurrent items across all activities. The fund-level Statement of Revenues, Expenditures, and Changes in Fund Balance concentrates on inflows and outflows by fund, not a cross-activities balance sheet. The Statement of Cash Flows shows cash movements, not the overall asset/liability snapshot across all activities.