What financial statements are required for individual governmental fund types?

The required financial statements for individual governmental fund types are the balance sheet and the statement of revenues, expenditures, and changes in fund balance. This combination is essential for providing a comprehensive view of a governmental fund's financial position and performance.

The balance sheet presents the assets, liabilities, and fund balance at a specific point in time, which is crucial for assessing the fund's financial health. It shows how resources are allocated and what obligations the fund has.

The statement of revenues, expenditures, and changes in fund balance details the inflows and outflows of financial resources during a specific period. This statement is particularly important for governmental funds because it tracks the flow of funds, highlighting how revenues are generated and how they are spent, and it ultimately shows any changes in the fund balance over time.

This emphasis on fund balance and the specifics of revenues and expenditures are in line with the modified accrual basis of accounting used by governmental funds, which focuses on short-term financial resources. Hence, this choice captures the key aspects necessary for understanding the fiscal accountability of governmental funds. Other options do not accurately align with the requirements for governmental funds, as they include statements better suited for proprietary or different accounting contexts.