In accordance with GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, which of the following statements is correct about the information reported on the balance sheet prepared for the governmental funds?
I. The focus is on reporting major funds, with all nonmajor funds aggregated and reported in a single column.
II. Fund balances are reported in two amounts—restricted and unrestricted.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
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