GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, requires a Statement of Net Position and a Statement of Activities, both of which are government-wide financial statements. Which of the following activities are reported on these financial statements?
Governmental activities          Fiduciary activities
A. Yes                                         Yes
B. No                                          Yes
C. Yes                                          No
D. No                                           No
Answer:C
This answer is correct. Under GASB 34, the Statement of Net Position and the Statement of Activities, prepared on a government-wide basis, should report governmental activities. In addition to governmental activities, government-wide financial statements should also report business-type activities and the activities of component units. Fiduciary activities are not reported on the government-wide financial statements. There are separate financial statements that report the activities of fiduciary funds.