Final answer:
The statement is true; the Governmental Activities column of a government-wide statement of net position includes both current and noncurrent assets and liabilities, while the General Fund balance sheet typically focuses on current items.
Step-by-step explanation:
The statement that the Governmental Activities column of the government-wide statement of net position reports both current and noncurrent assets and liabilities as opposed to the General Fund balance sheet is true. A government-wide statement of net position is designed to provide a comprehensive snapshot of the government's financial standing by including both short-term (current) and long-term (noncurrent) assets and liabilities. In contrast, the General Fund balance sheet focuses primarily on current assets and liabilities, reflecting a more short-term view of finances.
A balance sheet is a financial statement that reports a company's assets, liabilities, and net worth at a specific point in time. In the context of a bank, it lists items like cash in vaults and loans made, which are assets, and deposits made by customers, which are liabilities. The difference between total assets and total liabilities is the net worth or bank capital, which should be positive for a healthy business and can be negative for a bankrupt firm. The balance sheet's design, often referred to as a T-account, reflects the equation that assets must always equal liabilities plus net worth.