Final answer:
The Government-Wide Statement of Net Position reports both current and noncurrent assets and liabilities, whereas the General Fund Balance Sheet typically reports only current assets and liabilities. Therefore, the correct answer is 'Government-Wide Statement of Net Position: Yes; General Fund Balance Sheet: No'.
Step-by-step explanation:
The financial statement that reports both current and noncurrent assets and liabilities is the Government-Wide Statement of Net Position. This statement includes a comprehensive listing of a government's assets and liabilities, including both short-term and long-term items. On the other hand, the General Fund Balance Sheet typically reports only current assets and liabilities, as it is focused on the liquidity and financial position of the general operating fund.
The correct answer to which statement reports both current and noncurrent assets and liabilities is c. Government-Wide Statement of Net Position: Yes; General Fund Balance Sheet: No. A balance sheet is an accounting tool that lists assets and liabilities. An asset is something of value that is owned and can be used to produce something, such as cash or a home. A liability is a debt or something owed, like a mortgage. The net worth is the asset value minus any liabilities.