Which types of accountability do the government-wide financial statements and fund financial statements represent?

The government-wide financial statements and fund financial statements serve different purposes and therefore represent different types of accountability. The correct response identifies that government-wide financial statements focus on operational accountability, while fund financial statements emphasize fiscal accountability.

Operational accountability in the context of government-wide financial statements relates to the government's obligation to report whether resources were used effectively and efficiently in providing services in accordance with the intended purposes. This view encompasses the overall financial health and operational results of the entire government entity, allowing stakeholders to assess how well the government meets its overall service and community objectives.

On the other hand, fiscal accountability pertains to fund financial statements, which are designed to demonstrate whether the government complied with financial regulations and budgets during the reporting period. These statements emphasize the stewardship of public resources, ensuring that revenues were received, spent, and managed according to legal and budgetary constraints. By focusing on specific funds, this type of accountability provides a clearer picture of how taxpayer funds are accounted for in a short-term fiscal perspective.

Therefore, the correct answer highlights the distinction between the overall operational performance of a government entity and the fiscal stewardship reflected in its fund-based reporting.